Super network deal sealed

Super network deal sealed
Tags: EFT Networks
January 31, 2002

MEMPHIS, Tenn. - Concord EFS, Inc. and Star Systems Inc. finalized a deal that will create a giant ATM transaction network, dwarfing the size of other national EFT networks.

The deal was announced last October. It calls for Concord to acquire Maitland, Fla.-based Star, and to apply the Star brand to its MAC-branded EFT network. Concord's Network Services double in size to 6,500 financial institution customers and five billion annual transactions, according to a Concord news release.

The company expects the transition of existing MAC and Cash Station ATMs and point-of-sale locations to the Star brand name to take three years to complete.