First Data completes acquisition of payment processing unit from Delta Singular
First Data Corp. (NYSE: FDC), a global leader in electronic commerce and payment services, today announced it has completed the acquisition of Delta Singular Outsourcing Services S.A. from Delta Singular S.A., a leading technology company in Greece. Delta Singular Outsourcing Services provides payment processing services in Greece, the Middle East and the Balkans.
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Simultaneously, Delta Singular Outsourcing Services entered a 10-year agreement to provide payment processing and related services to its largest client, Alpha Bank. As the second largest commercial bank in Greece, Alpha Bank issues MasterCard cards, is the largest issuer of Visa cards and the only issuer of American Express cards in Greece.
"We're excited about the addition of Delta Singular Outsourcing Services to First Data and are committed to growing the business in Southeastern Europe," said Pam Patsley, president of First Data International. "Delta Singular Outsourcing Services brings talented employees, solid client relationships and complementary capabilities to First Data. It is a strategic fit for First Data, enabling us to offer expanded services to our clients while creating a strong presence for us in Greece, the Middle East and the Balkans. And, Delta Singular Outsourcing Services will benefit from First Data's global presence and extensive resources."
Delta Singular Outsourcing Services processes more than 1.5 million debit cards and 2 million credit cards, drives more than 1,200 ATMs and manages more than 12 million POS transactions annually.
"First Data and Delta Singular Outsourcing Services is a terrific match. Delta Singular Outsourcing Services' clients will benefit from First Data's payments expertise and worldwide reach while our capabilities and footprint in Greece helps First Data grow in this key market," said Andreas Drymiotis, chairman of Delta Singular. "We look forward to working together to bring a wide range of payment services to our clients throughout Southeastern Europe and beyond."
Under terms of the agreement announced on 10 June 2004, First Data acquired 100 percent of Delta Singular Outsourcing Services shares. Delta Singular shareholders voted to approve the acquisition on 8 July 2004. J.P. Morgan advised First Data, and Credit Suisse First Boston and Alpha Finance advised Delta Singular on this transaction.