First Data Completes Acquisition Of CardConnect

Jul 06, 2017

NEW YORK–(BUSINESS WIRE)– First Data Corporation (NYSE: FDC), a global leader in commerce-enabling technology and solutions, and CardConnect Corp., a payment processing and technology solutions provider, today announced the successful completion of First Data’s tender offer to purchase the outstanding shares of CardConnect common stock for $15.00 per share in cash. The tender offer expired one minute after 11:59 p.m., Eastern Time, on July 5, 2017.

First Data subsequently completed the acquisition of the remaining CardConnect shares of common stock not acquired in the tender offer through a merger pursuant to Section 251(h) of the General Corporation Law of the State of Delaware. As a result, CardConnect is now a wholly-owned subsidiary of First Data and CardConnect shares will no longer be traded on the NASDAQ.

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Exit alert: CardConnect to be acquired for $750 million

Written by Roberto Torres, Philly

Atlanta-based payments company First Data bought the company. CardConnect and its 145-person team will be staying put in King of Prussia.

King of Prussia, Pa.-based CardConnect, one of Philly’s ubiquitous fintech firms, will be acquired by Atlanta-based First Data in a deal valued at $750 million.

As part of the deal, CardConnect CEO Jeff Shanahan along with the management team and staff of 145 will stay put in the firm’s MontCo stronghold. Half a dozen satellite offices in places like Chicago, Cleveland and Denver will also join First Data.

“We believe our growth trajectory improves with First Data’s breadth of products and its powerful distribution network,” Shanahan said in a statement published Monday.

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