DENVER - First Data Corp. (NYSE: FDC) has signed an agreement to acquire Delta Singular Outsourcing Services S.A. (DSOS), the payment processing and outsourcing division and fully owned subsidiary of Delta Singular S.A., a Greek technology company.
Serving financial institutions and major corporations in Greece, the Middle East and the Balkans, DSOS provides payment processing and outsourcing services, including card processing, ATM and point-of-sale driving and call center support.
Through the acquisition of DSOS, First Data has secured a long-term agreement to provide payment processing and related services to Alpha Bank, currently DSOS's largest client. Alpha Bank is the second largest private commercial bank in Greece, the largest issuer of Visa cards and the exclusive issuer of American Express cards in Greece.
According to a news release, First Data anticipates closing the transaction in 2004's third quarter of 2004. J.P. Morgan is advising First Data and Credit Suisse First Boston and Alpha Finance are advising Delta Singular on the transaction.
Many industry watchers speculated that First Data would use some of the $436 million it earned from its March sale of Global Cash Access to fund acquisitions in overseas markets. Earlier this year, First Data also acquired CashCard, an Australian transaction processor and ATM operator.
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