First Data International to Acquire Argencard S.A.

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00019763-first-data-international-to-acquire-argen/

First Data International, a global leader in electronic transactions and payments, and Argencard S.A. announced today that they signed an agreement for the acquisition of Argencard by First Data. Argencard is a leading payment processor in Argentina and Uruguay. Terms of the agreement were not disclosed. The acquisition is subject to approval by the relevant authorities and is expected to be completed not later than the fourth quarter of this year.

Argencard, based in Buenos Aires, Argentina, is a premier provider of card issuing and merchant acquiring processing services supporting more than 70 banks with nine million cardholders and over 150,000 active merchants.

“We are dedicated to delivering global payments expertise through local organizations that are well-respected and trusted,” said Peter Harrington, President, Latin America, First Data International. “The acquisition of Argencard supports this commitment as well as our continued focus on becoming the industry leader in the South American electronic payments market.”

“First Data has a strong reputation for delivering value to its clients through its global reach, scope of solutions and focus on service excellence. With Argencard as their partner in South America, I am confident that First Data will continue to provide the level of service that our customers have come to expect from Argencard,” said Guillermo Laje, General Manager, Argencard. “The team looks forward to working closely with First Data to ensure a successful transaction.”

“Argentina is one of the largest markets in Latin America, and we see great potential for sustained electronic payments growth in the region,” said Pam Patsley, President, First Data International. “This acquisition will differentiate us from others in the market by allowing us to provide a proven, full service payment processing solution to leading financial institutions in Argentina and Uruguay. It also sets the foundation for our continued expansion across South America.”