Technology solutions provider Fiserv Inc. announced Thursday a definitive agreement to buy financial e-commerce services company CheckFree Corp. in an all-cash deal valued at roughly $4.4 billion. As structured, the deal will give CheckFree shareholders $48 in cash for each share of common stock. CheckFree's stock soared more than 23% on the news, to close at $45.40.

In a press release, Fiserv said it expects the combined entity will be able to boost its product offerings and its growth potential. Fiserv provides information management services to the financial and insurance industries; CheckFree offers online banking and electronic payments.

The deal is expected to close by year-end. The combined company would have pro-forma revenue of about $6 billion.