Fiserv, a U.S. financial technology provider, announced it will buy payment processor First Data in a $22 billion all-stock transaction, making it one of the largest acquisitions in the financial technology sector. The transaction, according to the company, unites the two premier companies to create one of the world’s leading payments and financial technology providers.
Fiserv shareholders will own 57.5% of the combined company, and First Data shareholders will own 42.5%. Fiserv President and Chief Executive Officer (CEO) Jeffery Yabuki will become CEO and Chairman of the newly combined company, which he said will redefine the manner in which people and institutions move money and information.
“We admire First Data for its excellence in merchant acquiring and global issuing services, and the tremendous progress they have made under (First Data Chairman and CEO) Frank Bisignano’s leadership,” Yabuki said. “We expect this combination to catalyze and support an enhanced value proposition for our collective clients and their customers.”
Visit www.fiserv.com for more information.