- First Data Corporation (NYSE:FDC) entered into a definitive merger agreement to acquire all of the outstanding shares of common stock of CardConnect for $15.00 per share in cash.
- The aggregate transaction value is approximately $750M, including repayment of CardConnect’s outstanding debt and the redemption of CardConnect’s preferred stock.
- The company intends to fund the transaction with a combination of cash on hand and funds available under existing credit facilities.
- The transaction is expected to be modestly accretive to the adjusted EPS in the first full year post-closing, before expected synergies.
- “This transaction is consistent with our strategy of integrating and scaling innovative technologies across our distribution footprint to better serve our partners and customers,” said First Data Chairman and CEO, Frank Bisignano. “CardConnect is a long-standing First Data distribution partner and we are excited to incorporate their state-of-the-art solutions across some of our most important strategic initiatives such as partner-centric distribution, integrated payments, and enterprise payments solutions.”
- Press Release
- Now read: My Long Case For First Data Corporation
Original article