Cleary Gottlieb is representing BofA Merrill Lynch as financial advisor to First Data Corp. (First Data) in the company’s acquisition by Fiserv Inc. (Fiserv).
The transaction was announced on January 16, 2019.
Under the terms of the agreement, First Data shareholders will receive a fixed-exchange ratio of 0.303 Fiserv shares for each share of First Data common stock they own, for an equity value of $22 billion. Following the close of the transaction, Fiserv shareholders will own 57.5 percent of the combined company and First Data shareholders will own 42.5 percent, on a fully diluted basis.
The transaction is anticipated to close in the second half of 2019, subject to customary closing conditions and regulatory approvals, including the approval of shareholders of both companies.
First Data is a global leader in commerce-enabling technology, serving approximately 6 million business locations and 4,000 financial institutions in more than 100 countries around the world.
Fiserv is a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization.