Financial Services Industry
Industry: Email Alert RSS FeedDiscover, PULSE sign agreement for merger
Bank News, December, 2004 by Anonymous
A merger agreement between Discover Financial Services, a business unit of Morgan Stanley, and PULSE EFT Association, Houston, has been signed. Under terms of the agreement, Discover will acquire PULSE for an aggregate purchase price of approximately $311 million and other strategic value. The action, subject to regulator and PULSE member approval, is expected to close in approximately 60 days.
"In a rapidly changing environment, PULSE's board has elected to team with a company that has a suite of products and resources that will enable us to continue our growth and success," said Stan Paur, PULSE president and CEO. "We believe that PULSE's experience in debit, combined with Discover's signature capabilities, will create a highly appealing alternative for small to large...
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