Pulse EFT Association To Merge With Discover Financial Services

Monday 15 November 2004 17:21 CET | News

Discover Financial Services, a business unit of Morgan Stanley, and PULSE EFT Association (PULSE) have signed a definitive merger agreement.

Discover Financial Services will acquire PULSE for an aggregate purchase price of approximately $311 million and other strategic value. The merger agreement, which is subject to regulatory and PULSE member approval, is expected to close in approximately 60 days. Both Discover Financial Services and PULSE believe that the merged entity will create advantages and opportunities for financial institutions, merchants and consumers. - Financial institutions will find that Discover’s signature network complements PULSE’s PIN network, and that the Discover Network’s positive merchant relationships can be leveraged to expand both networks. - Merchants will benefit from the combination of two networks with a history of efficiency, low cost and strong partner relationships. - Consumers will benefit from more competition and a wider range of choices in the debit market. PULSE will become a business unit of Discover Financial Services with both companies planning a seamless transition. PULSE will retain its brand, pricing and operating platform as well as its management team, staff and Houston headquarters.

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

Payments & Commerce