Following a halt, Intuit (INTU +4.3%) rallies in response to news it's selling its financial...


Following a halt, Intuit (INTU +4.3%) rallies in response to news it's selling its financial services unit (exc. its Mint.com and OFX Connectivity ops) to Thoma Bravo for $1.025B. Intuit also plans to sell its Health Patient Portal business and restructure its accounting professionals unit, and will focus on consumer tax and small business products going forward. The businesses due to be sold are expected to yield FY13 (ends in July) sales of $340M, or less than 8% of estimated revenue. Intuit will use the proceeds of the financial services sale to ramp buyback activity. Raymond James upgraded shares to Strong Buy before news of the deal broke. (May restructuring)

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