Fiserv $22B Merger with First Data Complete
(United States - 30 July 2019) Fiserv has completed its US$22 billion acquisition of New York's First Data Corporation after first announcing the deal in Q1 2019 following a protracted period of negotiations. Fiserv provides back-end processing for banks and credit unions while First Data is a leader in point-of-sale (POS) transactions.
The merger gives Fiserv an end-to-end solution in merchant payments and positions it as one of the largest merchant service platforms in the world. The new group will carry the Fiserv brand and continue to trade on the Nasdaq Global Select Market under the ticker code FISV. Jeffery Yabuki will remain company CEO and chairman of the board while Frank Bisignano, chairman and CEO of First Data, will become president and COO.
"The completion of this transformative combination is a major milestone in the evolution of our companies. 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” stated Fiserv Chairman and CEO Jeffery Yabuki.
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