The transaction remains subject to Cashcard shareholder and regulatory approval. Financial terms of the transaction were not disclosed. The acquisition also will create opportunities for First Data and Cashcard clients, expanding the delivery of services such as credit and debit POS processing, deployment of merchant ATMs, check authorization and money transfers. Founded in 1983 by Australian Building Societies to build and operate a shared ATM network, Cashcard now provides a range of services to other major financial institutions and retailers, as well as operating a large Merchant ATM acquiring network. The transaction is also subject to Australian Court approval and other closing conditions. First Data anticipates closing the transaction in the first quarter of 2004. Pacific Road Corporate Finance, Sydney is advising First Data on the transaction. JPMorgan and Goldman Sachs JBWere are advising Cashcard on the transaction.
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