DENVER – Concord EFS, which was the lead suitor in a merger deal with credit union EFT firm Credit Union 24, is itself going to be bought. First Data Corp. and Concord EFS have announced a definitive agreement to merge in an all-stock transaction valued at approximately $7 billion, with First Data being the surviving company. The combined company will have approximately $10 billion in annual revenues with more than 31,000 employees worldwide. "This is a significant step in developing an open and flexible electronic payments system that will foster competition to the benefit of consumers, merchants and banks," said First Data Chairman and Chief Executive Officer Charlie Fote. "Our transaction with Concord and its STAR network will enable First Data to provide its customers with more choices in products and services." First Data will exchange 0.40 First Data common shares for every Concord common share. Upon completion of the transaction based on the current shares outstanding, Concord shareholders will own approximately 21% of the outstanding shares of First Data. Credit Union 24 selected Concord as a merger partner, but later dropped the deal. At the time CU24 and Concord decided not to move forward with the merger there were a lot of reports about Concord being bought, which with the First Data announcement, proved to be accurate. -

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