DENVER - First Data Corp. expects Sept. 22 to be its tax-free spin-off of Western Union, the company announced in a news release.
The distribution of Western Union shares - a dividend of one share of Western Union common stock for each share of First Data common stock held on record as of Sept. 22 - is expected to happen Sept. 29.
Read also, (First Data moves forward with Western Union spin-off.) "As we outlined in January, the separation of Western Union from First Data will provide a better structure for each company to pursue the most appropriate long-term growth opportunities and business strategies by allowing each company to focus on its own distinct businesses, opportunities and markets," said Ric Duques, First Data's chairman and chief executive.
First Data expects a public market for Western Union common stock to begin Sept. 20.
Western Union will trade on the New York Stock Exchange under the trading symbol "WU."
