CO-OP Financial Services inked an agreement to purchase from a subsidiary of Fidelity National Information Services its shares in Everlink Payment Services which will give CO-OP majority ownership of the Canadian payments solutions and services provider to credit unions, banks and ISOs in Canada.
A subsidiary of FIS and CO-OP have signed a definitive agreement on the transfer of Everlink shares, subject to contractual closing conditions.
CO-OP does not currently hold shares in Everlink (www.everlink.ca), based in Markham, Ontario, about 20 miles outside of Toronto. Upon closing, the Rancho Cucamonga, Calif.-based company will join minority-owner Celero Solutions (www.celero.ca) of Calgary, Alberta, as the two shareholders of Everlink. Celero is a service corporation providing information technology solutions to credit unions and other financial services organizations across Canada.
The Company says the purchase of its Everlink shares by CO-OP is an outgrowth of FIS’ close working relationship with CO-OP, which now extends back more than 25 years.
There are approximately 700 credit unions and caisse poplulaires with more than 10 million members in Canada.
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