Fiserv acquires Consumer Network Services from EDS
15 November 2002 | 4437 views | 0
Fiserv has acquired EDS' electronic funds transaction processing unit, Consumer Network Service (CNS), for approximately $320 million in cash.
Fiserv says on completion of the acquisition, it will process four billion electronic, ATM and point-of-sale (POS) transactions annually.
Leslie Muma, president and CEO, Fiserv, comments: 'With the addition of CNS, we will become one of the nation's leading electronic transaction and payment processors as defined by transaction volume, clients served and ATMs driven."
Fiserv adds that it will continue to provide EFT services to EDS's financial clients.
The deal is expected to close by the end of the year, pending regulatory review.
News of the sale coincided with a quarterly regulatory filing from financially-troubled EDS which revealed that pre-tax pension expenses would be $120 million more than anticipated.