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InterCept Signs Letter of Intent to Sell Merchant Services Division

Thursday 12 February 2004 19:06 CET | News

InterCept, has entered into a letter of intent for the sale of its merchant services division, InterCept Payment Solutions (IPS).

A management group from IPS led by its Chief Executive Officer, John M. Perry, will be part of the purchase group, along with a third party provider of merchant payment services for both traditional and web-based merchants. The proposed purchase price is $37.4 million, consisting of cash, a promissory note, and assumed liabilities. The sale, which is expected to close by the end of February 2004, is subject to execution of a definitive agreement and satisfaction of customary closing conditions. As a result of the sale of the division, InterCept will incur a non-cash charge of approximately $135 million, prior to the recognition of any associated tax benefits. InterCept expects to recognize these amounts on its financial statements for the fourth quarter and year ended December 31, 2003.


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

Payments & Commerce