The mega-deals keep on coming. Today, it’s a massive acquisition in financial technology: Fiserv has struck an agreement to acquire First Data in an all-stock transaction valued at $22 billion.
The deal has been approved by both companies’ boards but still needs to be accepted by shareholders and regulators. Assuming it closes as expected later this year, it would combine two big players in financial services and payments processing.
Fiserv (NASDAQ: FISV), a 35-year-old company based in Brookfield, WI, sells products for electronic bill processing, mobile banking, and other financial services to clients including banks, credit unions, investment management firms, and retailers. It employs around 24,000 people worldwide and generated $5.82 billion in revenue last year, according to preliminary results.
New York-based First Data (NYSE: FDC), founded in 1971 in Omaha, NE, provides technologies to secure and process transactions. Its products include Clover, a point-of-sale system used at restaurants and other merchants, which competes with the likes of Square and Toast. First Data has 22,000 employees and generated $8.66 billion in adjusted revenues last year, per preliminary results. Read the full story here.