Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that it has completed its acquisition of First Data Corporation. With the transaction complete, Fiserv is one of the world’s leading payments and financial technology providers with the ability to deliver unique value to financial institutions, corporate and merchant clients, and consumers.
“The completion of this transformative combination is a major milestone in the evolution of our companies,” said Jeffery Yabuki, Chairman and Chief Executive Officer, Fiserv. “We have continued to identify ways in which we can deliver differentiated value to clients, associates and shareholders, and are excited to work together on fulfilling the promise of the combination. We are confident that our people are the best in the industry and will push the boundaries of excellence and innovation for the benefit of all of our stakeholders.”
As a global leader in technology and payments that enables commerce, banking and the safe and secure movement of money, Fiserv has the breadth of capabilities and depth of expertise to deliver unmatched value to clients. As a result of the combination, clients will have access to a more comprehensive set of solutions and innovations, an extensive range of end-to-end capabilities and integrated delivery, which enable differentiated value for their customers.
“As a newly combined company, we will leverage our technology expertise and integrate our solutions to serve client needs in ways no one else can match,” said Frank Bisignano, President and Chief Operating Officer, Fiserv. “We are focused on innovating to enable our clients to better serve their customers and end users so they can succeed in a rapidly changing world.”
As previously announced, First Data shareholders will receive 0.303 of a Fiserv share for each share of First Data common stock they own prior to market open as of July 29, 2019. The all-stock transaction is intended to be tax-free to First Data shareholders. The combined company will carry the Fiserv brand and will continue to trade on The Nasdaq Global Select Market under the ticker symbol FISV. As of July 29, 2019, First Data common stock is no longer listed for trading on the New York Stock Exchange.
About First Data:
First Data is now Fiserv (NASDAQ:FISV). The two companies have united to create a global leader in payments and financial technology, serving thousands of financial institutions and millions of merchants and businesses in more than 100 countries. Together, we’ll help our clients achieve best-in-class results through a commitment to innovation and excellence in everything we do. As Fiserv, we aspire to move money and information in a way that moves the world. Visit fiserv.com/firstdata to learn more about this transformative combination.
First Data is one of the oldest and largest credit card processors on the planet. Established in 1971, the company has a headquarters in Atlanta, Georgia, executive offices in New York City, New York, and numerous regional offices throughout the United States and around the world.
How big is First Data? For starters, they provide services to more than 6 million merchants worldwide, giving them the largest client base of any processor in the industry. In the United States, 45% of all credit and debit transactions are handled by First Data. Worldwide, they process $2.2 trillion in transactions annually, averaging 2800 transactions per second.
That’s about as big as it gets in the processing world. But does that kind of size translate to high-quality merchant services at a fair price? Well, yes and no. On the one hand, the company has the resources to provide every conceivable product and service you might need to run your business. At the same time, however, their processing rates, account fees, and contract terms can vary widely. In many cases, you’ll end up paying far more than you should to access all those wonderful features.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover™ cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE®500, and is among the FORTUNE Magazine World’s Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news.
Source: FISERVE
