First Data to Acquire Payment Processing and Outsourcing Unit From Delta Singular

Thursday 10 June 2004 08:35 CET | News

First Data has signed an agreement to acquire Greek based Delta Singular Outsourcing Services S.A. (DSOS), the payment processing and outsourcing division and fully owned subsidiary of Delta Singular S.A.

Serving financial institutions and major corporations in Greece, the Middle East and the Balkans, DSOS provides payment processing and outsourcing services, including card processing, ATM and Point of Sale (POS) driving and call center support. Through the acquisition of DSOS, First Data has secured a long-term agreement to provide payment processing and related services to Alpha Bank, currently DSOSs largest client. Alpha Bank is the second largest private commercial bank in Greece, the largest issuer of Visa cards and the exclusive issuer of American Express cards in Greece. The acquisition will create additional opportunities for clients in the Greek, European and Middle Eastern markets and enable expansion of a variety of payments services, including credit and debit POS processing, deployment of merchant ATMs, cheque authorisation and money transfers in this region. The transaction remains subject to Delta Singular shareholder approval, First Data board approval, regulatory approval and other closing conditions. Subject to those approvals First Data anticipates closing the transaction in the third quarter of 2004. J.P. Morgan is advising First Data and Credit Suisse First Boston and Alpha Finance are advising Delta Singular on this transaction.

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

Payments & Commerce