First Data Acquires ATM Network

Credit Union Journal, The, April, 2007

First Data Corp., which has agreed to be taken over by private equity giant Kohlberg Kravis Roberts & Co., has completed the takeover of Wells Fargo's Instant Cash Network, a provider of ATM services for 500 financial institutions, a third of them credit unions.

Instant Cash Services provides debit card and ATM processing and provides surcharge-free access to more than 6,700 Wells Fargo ATMs. First Data is the owner of STAR Systems, one of the largest regional EFT networks in the country.

Wells Fargo will continue to provide surcharge-free access to its machines after completion of the deal. KKR has agreed to acquire First Data for $29 billion in cash and the assumption of debt in one of the biggest corporate takeovers ever.

(c) 2007 The Credit Union...