Fiserv Inc., which sells data processing technology and services to the financial industry, said on Thursday it was buying CheckFree Corp., an online check and bill-paying company, for $4.4 billion in cash.

CheckFree shareholders would receive $48 per share, or 30 percent more than the August 1 closing level of $36.83.

The deal is expected to close by December 31.

(Reporting by Dan Wilchins)