FleetCor Technologies fuel cards and workforce payment products has signed a definitive agreement to acquire Comdata from Ceridian for $3.45 billion. Concurrent with the closing of the acquisition, a representative from THL will be appointed to the FleetCor board of directors.Comdata provides fleet, virtual card, and gift card solutions to over 20,000 customers and has approximately 1,300 employees to facilitate over $54 billion in payments annually. Cash payments will be used to pay off Comdata’s outstanding indebtedness.
Lehman Brothers Holdings Inc. announced today that it has exercised its right of first offer to purchase the remaining stake in Archstone held by affiliates of Bank of America and Barclays Capital (“the Banks”), which will give Lehman full ownership of Archstone. This transaction follows Lehman’s purchase in January 2012 of a 26.5% interest previously…
Advent International private equity firm and the Francois-Charles Oberthur Fiduciaire Group acquired the Card Systems and Identity divisions of Oberthur for EUR1.15 billion. With this, Advent International now controls 90% of Oberthur Technologies’ capital while the founder of the Oberthur group and his family retain a 10% stake in the capital. Oberthur Technologies is specialised in digital security based on smart card technology. It is the world’s second largest provider of security and identification solutions and services, operating in the mobile and payment industries as well as government and corporate markets.
WorldPay global payments provider is set to acquire Envoy Services alternative payment solutions to eCommerce merchants worldwide for an undisclosed terms. Envoy is a UK FSA-regulated global payments service that offers single point access to popular local payment and collection services worldwide. The company provides international eCommerce merchants with the broadest coverage for alternative payment acceptance through a global network of over 200 local bank accounts and 40 alternative payment services as well as a leading fraud screening service. The company is headquartered in London.Following the acquisition, Envoy will continue to operate its current business model, and the existing Envoy management team will join the senior leadership of WorldPay’s eCommerce business unit.
Mastercard has partnered to announce RAYMOND WEIL Swiss watchmaker as the official watch for the Brit Awards Presentation. For this, RAYMOND WEIL has produced 60 limited edition BRIT Awards timepieces that will be gifted to all performers, presenters and artists attending the ceremony. An alternative variation of the watches will be available to purchase nationwide via high-end jeweller and watch retailers. RAYMOND WEIL has become internationally recognized with over thirty years of involvement across all musical genres. RAYMOND WEIL prides itself on its focus on musical talent while maintaining traditional values.
Vikram Pandit, CEO of Citi, was honored by The New York Police & Fire Widowsâ & Childrenâs Benefit Fund at its 25 th Annual Benefit Dinner, for his strong support of the Benefit Fund and NYCâs first responders. Event attendees will include New York City Police Commissioner Raymond Kelly, New York City Fire Commissioner Salvatore Cassano, former Honoree, Board Member and Hockey Hall of Famer Mark Messier, Lyor Cohen, Warner Music Group CEO and recipient of the inaugural âAnswer the Callâ award, Port Authority Police Department Superintendent Michael Fedorko, Uniformed Firefighters Association President Steve Cassidy and Patrolmen’s Benevolent Association President Patrick Lynch.
Ed McLaughlin has been appointed chief emerging payments officer, MasterCard Worldwide, effective immediately. He will be responsible for leading the development and commercialization of payment product platforms and solutions. Ed will focus on e-Commerce, Mobile, P2P, PayPass/Transit, inControl, Bill Payment, Chip, and the Mobile Payment Solutions joint venture. Most recently having served as group executive for MasterCardâs Franchise Development group, he joined MasterCard in 2005 as group head, Bill Payment and Healthcare. He also served as group vice president, Product and Strategy at Metavante, which he joined in 2002 through the acquisition of Paytrust, and was executive VP with LogicWorks data modeling.
On Track Innovations contactless microprocessor-based smart card solutions for payments has elected Mr. David P. Stone and Mr. Mark Green as members of its board of directors. With this, the board is comprised of nine members. Stone retired as a senior partner in the New York-based international law firm of Weil, Gotshal & Manges LLP (“WGM”) at the end of 2005. For approximately 35 years prior to his retirement, Mr. Stone was engaged in the practice of law, specializing in corporate, securities and mergers and acquisitions law. At WGM, he founded and led the firm’s Israel Practice Group which, during his tenure, represented the issuers, underwriters or selling shareholders in connection with more than 90 public offerings of equity or debt securities by Israeli companies in the United States. Green is head of Technology and International Banking at Merriman Curhan Ford, a New York-based investment bank. Mr. Green previously headed C.E. Unterberg, Towbin’s (and later Collins Stewart’s) banking efforts in Israel, where he advised technology companies on cross-border public and private financings and mergers & acquisitions.
Advent International has closed on its 51% stake in Fifth Third’s
processing business. The Fifth Third Processing Solutions, LLC. deal is
valued at $2.35 billion. Fifth Third will retain its 49% interest, and
will also retain its credit card issuing business, which includes retail
credit card and commercial multi-card services. Advent has been active
in the financial services sector for over 20 years, and has backed more
than 25 companies worldwide in a broad range of sub-sectors, including
payments, transaction processing, and financial technology. Related
investments include: Brazil’s CSU CardSystem; Dolex Dollar Express,
which Advent sold to Global Payments in 2003; and Monext, a French
merchant acquirer and bank processor which Advent acquired in 2008.
Fifth Third Bancorp and Advent International have established a joint venture for Advent to
acquire a 51% interest in Fifth Third’s processing business. Advent will pay Fifth Third $561 million
in cash for a 51% ownership interest in the equity of the LLC and
for certain put rights. Additionally, Fifth Third will receive warrants
in the new company exercisable in certain circumstances. Fifth Third
estimates the valuation adjustments related to these warrants, the put
rights, and minority interest discounts may reduce its implied valuation
of the business by an estimated $50 million. The agreement is subject to
certain potential purchase price adjustments.
Ceridian, which includes major payment processor Comdata, is going private following a merger deal with Thomas H. Lee Partners and Fidelity National Financial. The all cash transaction is valued at $5.3 billion. The deal represents a premium of 17% over Ceridian’s closing share price on February 12th, the last trading day prior to the public announcement that Ceridian had commenced the exploration of strategic alternatives. THL Partners and FNF expect to bring co-investors into the transaction. Ceridian is a major provider of human resources serving 25 million employees and 110,000 companies in 38 countries worldwide. Ceridian’s Comdata division is a processor and issuer of credit, debit and stored value cards, primarily for the trucking and retail industries in the USA. The deal is expected to close in the fourth quarter.
MD-based RapidAdvance, a provider of merchant cash advance services, announced that Joseph Looney, formerly of Hudson Cook, has joined the company as General Counsel. At Hudson Cook, Looney assisted national and state banks, credit unions, consumer finance companies, credit card issuers and others in complying with the various state and federal laws that apply to financial services firms. Additionally, he has assisted a number of investment banks in purchasing financial services businesses and loan portfolios. Looney has worked with RapidAdvance since the third quarter of 2006, assisting the company with a wide variety of legal and compliance issues. Looney graduated with honors from the University of Maryland’s School of Law. RapidAdvance provides working capital to small and medium-sized merchants.