CheckFree to Buy Corillian

The deal is valued at $245 million.
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CheckFree

(CKFR)

agreed to acquire banking software maker

Corillian

(CORI) - Get Report

for about $245 million.

CheckFree will pay $5.15 a share for Corillian, representing a 49% premium over Tuesday's closing price of $3.45.

Shares of Corillian were jumping $1.56, or 45%, to $5.01 Wednesday. CheckFree shares were down 90 cents, or 2.2%, to $40.72.

"The combination of CheckFree and Corillian will allow for tighter integration of electronic banking, billing, payment and service support functionality to deliver a more efficient and complete consumer and small business user experience," CheckFree said.

The deal is expected to close on or about June 1.