Fiserv to buy First Data in $22 bln stock deal

Fiserv and First Data said Jan. 16 that their boards have approved an agreement where Fiserv is buying First Data in a $22 billion stock deal. Once the deal closes, Fiserv shareholders will own 57.5 percent of the combined company, while First Data shareholders will have 42.5 percent. Fiserv said it plans to refinance the roughly $17 billion of debt that First Data is expected to have at the time of closing. The deal is expected to generate about $500 million in savings. KKR, which owns 39 percent of First Data and has 86 percent of voting rights, will have 16 percent of the company once the deal closes.

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