(1 October 2024 – United States) Wells Fargo and Fiserv will terminate their long-standing merchant acquiring joint venture next year.
Wells Fargo Merchant Services (WFMS), in which Fiserv obtained a 40% interest through its 2019 merger with First Data, is set to end on 1 April 2025.
According to an SEC filing, Fiserv anticipates receiving either a cash payment or assets equivalent to the value of its stake in WFMS. It also expects an impairment charge ranging between $400 million and $600 million.
Despite the conclusion of the joint venture, both companies have signed a new multiyear agreement under which Fiserv will continue to provide processing services for existing and future merchant clients.