First Data completes EuroProcessing International acquisition
21 July 2005 | 1883 views | 0
Source: First Data
First Data Corp. (NYSE: FDC), a global leader in electronic commerce and payment services, announced today that it has completed the acquisition of EuroProcessing International, a major card processor in Central and Eastern Europe (CEE).
As previously announced on 9 June, First Data purchased EuroProcessing International from the Nordic private equity company, Reiten & Co Capital Partners V AS and the investment company, Creati AS.
The strategic acquisition firmly establishes First Data's presence in CEE and the Nordic region, and provides the company an opportunity to further expand its payment experience and capabilities in some of the fastest growing areas of Europe. The company also announced that, as well as leading business growth in CEE, the management team from EuroProcessing International will lead First Data's operations in the Nordic markets, offering the complete portfolio of First Data issuing and acquiring services to financial institutions across this region.
David Yates, president of Europe, Middle East and Africa, First Data International, said: "We are very pleased to have completed the acquisition of EuroProcessing International. Through this transaction, First Data creates a new single entity for debit and credit issuer and acquirer processing, capable of supporting local banks and others seeking to grow rapidly through acquisitions in this burgeoning region. We welcome our new banking clients in Central and Eastern Europe and are excited to offer them our broader First Data portfolio of services.
"With the new management team and staff bringing such a wealth of knowledge, experience and enthusiasm to the company, I am confident that together we can build rapidly on the strong foundations they have built."
The acquisition of EuroProcessing International brings 330 new employees to First Data International with representation in Slovakia, Lithuania, Latvia, Serbia and Montenegro, Russia, Hungary and in Norway, where EuroProcessing International is headquartered.