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Technology Stocks : FDC : First Data Corp
FDC 31.690.0%Aug 5 4:00 PM EDT
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To: Jim Oravetz who wrote (314)11/2/2005 12:49:37 PM
From: Jim Oravetz  Read Replies (1) of 323
 
PNC, First Data Extend Merchant Alliance Pact
DOW JONES NEWSWIRES
November 1, 2005 4:22 p.m.

PITTSBURGH -- PNC Financial Services Group Inc. (PNC) will buy an additional 20% of its merchant services alliance with First Data Corp. (FDC), bringing its stake to 60%.

PNC, a financial services organization, and First Data, an e-commerce and payment services company, also said in a press release Tuesday that the merchant alliance was extended for five more years.

"PNC's continued alliance with First Data enables us to provide a variety of payment solutions as well as access to developing technology and innovation," said PNC President Joseph C. Guyaux said in the release. "The restructured agreement will allow PNC to integrate our cash management and card acceptance solutions to help our customers grow their business in a more secure and efficient environment."

First Data, which will own the remaining 40% upon the closing of the transaction, will record a gain on the transaction at the closing.

PNC will consolidate the operation on its financial statements after the transaction.

Consideration will include cash and contributed contracts.

A First Data spokeswoman said the value of the transaction was undisclosed. A spokesman for PNC wasn't available for comment.

PNC Merchant Services is a joint venture launched in 1996 to process credit cards and debit cards for merchants.
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