NEW YORK (AP) — Fiserv is buying First Data in a $22 billion all-stock deal, forming a giant player in the payments and financial technology sector.
First Data shareholders will receive about .30 shares of Fiserv for every share of First Data they own, according to an announcement on Wednesday, a premium of about 29 percent.
The deal will leave Fiserv shareholders with 57.5 percent of the combined company. First Data shareholders will own the remaining 42.5 percent.
Fiserv, out of Brookfield, Wisconsin, specializes in financial-services technology related to electronic payments and processing. First Data, which has its headquarters in New York, says it deals wit $2.4 trillion worth of transactions a year.
The deal was approved by the boards of both companies and is expected to close in the second half of the year, pending regulatory approval.