DENVER - The Australian Competition and Consumer Commission (ACCC) has advised
First Data Corp. (NYSE: FDC) that it will not oppose First Data's proposed acquisition of Cashcard Australia Limited, the leading merchant ATM deployer in the Australian marketplace.
"We are pleased to pass this significant milestone in our planned acquisition of Cashcard and remain committed to closing this transaction," said Pam Patsley, president of First Data International, in a news release. "The combination of First Data and Cashcard will provide a competitive payment transaction processing company for both Australian financial institutions and retailers. Together, the companies will bring expanded service offerings to our clients
in the Australian marketplace."
In December 2003, First Data entered into a Merger Implementation Agreement to acquire 100 percent of the shares of Cashcard Australia Limited.
(See related stories First Data to expand ATM activities in Australia with purchase of Cashcard, Price for Australia's Cashcard said to be $148M and Australia's Cashcard, in deal with First Data, may have another suitor)
The transaction remains subject to Australian Federal Court approval followed by Cashcard shareholder approval. First Data expects to close the transaction in 2004's second quarter.
Financial terms of the transaction were not disclosed.
