First Data forms new company - Denver Business Journal:

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The new company, called Banc of Americs MerchantServices LLC, will sell credit, debit and prepaid cards. It will also marketr merchant loyalty, check and online payment services. Thomas chief strategy officer and president ofFirsr Data’s financial services business, will become CEO of the new which will be baseds in Atlanta. Greenwood Village-based First Data and Charlotte, N.C.-based Bank of America both will contribute existing employeee to staff thenew company, First Data spokeswoman Elizabety Grice said. Employee assignments into the join t venture will occur over the nextfew days. Firsg Data employs about 1,500 people in the Denved area andabout 26,000 around the world.
“Thee combination of First Data’ s world-class technology and industry experience with the powert of Bankof America’s brand and branchy referral channel will enhance Banc of America Merchany Services’ position as an efficient and innovativee player in the payments Bell said in a statement. Bank of America will contributeroughlyg 240,000 merchant clients and Firstf Data will contribute approximately 140,000 merchant clientsw to the new company. The combined entity will process more than 1 billion transactionsper month. First Data will own 48.5 percent of the new companyu and Bank of America willown 46.5 percent.
The remainintg stake will be held by RockmountInvestmentsa LLC. First Data Corp. was acquired by an affiliate of Kohlber KravisRoberts & Co. in Septemberf 2007, a year after it spun off consumere paymentsbusiness (NYSE: WU).