First Data completes Western Union spin-off
02 October 2006 | 1772 views | 0
Source: First Data
First Data Corp. (NYSE: FDC) today announced that it has completed the distribution of a tax-free special dividend to its shareholders consisting of approximately 765 million shares of common stock of The Western Union Company. First Data is distributing one share of common stock of Western Union for each share of First Data common stock to First Data shareholders as of September 22, 2006.
As a result of that distribution, First Data will no longer own shares of Western Union, and Western Union will be an independent company. Western Union common stock has been authorized for listing on the New York Stock Exchange (NYSE) and will trade under the symbol “WU.”
Ric Duques, chairman and chief executive officer, stated, "This is a very exciting time for the new First Data. Not only have we reached the goal set in January to separate the consumer-focused Western Union business into an independent company, but we have also successfully realigned First Data’s core businesses to ensure an intense focus on the needs of our financial institution and merchant clients around the world. As Western Union moves forward as a separate public company, we wish them the best as they continue to build on their leading position as the trusted source for consumers around the world to transfer money and pay bills rapidly, reliably and conveniently. Again, I want to take this opportunity to extend my deep respect and appreciation for the tremendous efforts all of our employees have made over the past eight months to realize these historic achievements."
Ducques continued, "The primary segments comprising the new First Data – Financial Institution Services, Commercial Services and First Data International – are all growth businesses. With over $7 billion in revenues, this global portfolio of strong growth and cash generating businesses truly places First Data in a class by itself. With 29,000 employees in more than 100 offices, operating in 34 countries, First Data will continue its leadership role seamlessly enabling virtually every type of electronic transaction anywhere in the world, anytime – reliably and securely on behalf of our clients and their customers."