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First Data Corp. Completes Merger With Concord EFS

Friday 27 February 2004 00:48 CET | News

First Data has completed its merger transaction with Concord EFS. First Data now has more than 30,000 employees worldwide and by the end of 2004 expects to have more than $10 billion in annual revenues.

Concord EFS shareholders of record as of January 16, 2004, voted to approve the merger transaction on February 26, 2004. First Data shareholders voted to approve the issuance of First Data shares pursuant to the merger on October 28, 2003. Under the terms of the merger agreement with Concord as amended, each share of Concord stock was converted into 0.365 First Data common shares. The transaction is valued at approximately $7 billion based on yesterdays closing price of $40.79. First Data issued approximately 170 million common shares to Concord shareholders, who now own approximately 19 percent of the outstanding shares of the combined company. Additionally, Richard P. Kiphart from the Concord Board of Directors will join the First Data Board of Directors.


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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce