DENVER - Plans for First Data Corp.'s spin-off of its Western Union business continue to move forward. First Data has filed for the separation of Western Union from the rest of its businesses. The spin-off is expected to wrap during the fourth quarter.
According to a news release, Western Union will apply to have its common stock listed on the New York Stock Exchange under the ticker symbol "WU." First Data shares would continue to trade under the "FDC" symbol.
First Data plans to give its shareholders one share of Western Union stock for each First Data share they own.
"We have been diligently preparing for the spin-off over the past few months and are very pleased with the progress we have made to date," First Data's chairman and chief executive Ric Duques said. "We remain squarely on track to meet our stated goal of completing the spin-off in the fourth quarter of 2006."
Western Union continues to be First Data's most successful venture. Western Union generated revenue of $1.1 billion in 1Q 2006, up 16 percent from the same period last year.
