Electronic payment services provider First Data Corp., based in Atlanta, has signed definitive agreements with Bank One Corp and merchant credit-card processor Paymentech, Inc. to acquire Paymentech Inc.’s outstanding stock — about 45% of the company — for $25.50 per share.
The operations of Paymentech, Inc. will be combined with Banc One Payment Services LLC, which will be jointly owned by Bank One and First Data. Pamela H. Patsley, current Paymentech president/CEO will direct the operations of the combined organization.
The transaction is expected to be completed during the third quarter.