Last updated on August 9th, 2019 at 11:49 am
Brookfield-based Fiserv Inc. expects to close on its $22 billion acquisition of New York City-based First Data Corp. next week after clearing final regulatory hurdles.
The deal is still subject to the satisfaction or waiver of some contractual conditions, but the two companies expect the deal to close “on or about July 29,” according to securities filings.
Fiserv and First Data announced the deal in January after nearly four months of negotiations. The deal will bring together two Fortune 500 firms. Fiserv provides back-end processing for banks and credit unions while First Data is a giant in point-of-sale transactions. The combination will give Fiserv an end-to-end solution in the payments space.
Jeffrey Yabuki, currently Fiserv president and chief executive officer, will continue to lead the combined company as CEO and chairman of the board. Frank Bisignano, chairman and CEO of First Data, will become president and chief operating officer.
BizTimes explored the implications of the acquisition for Fiserv in an April cover story, including an interview with Yabuki.