First Data forms new company - Denver Business Journal:

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The new company, caller Banc of America MerchantServices LLC, will sell credit, debiyt and prepaid cards. It will also market merchant loyalty, check and online payment services. Thomas chief strategy officer and president ofFirst Data’s financial services business, will become CEO of the new which will be based in Greenwood Village-based First Data Corp. and Charlotte, N.C.-baser Bank of America both will contribute existing employees to stafff thenew company, First Data spokeswoman Elizabeth Gricee said. Employee assignments into the jointf venture will occur over the nextfew days.
First Data employes about 1,500 people in the Denvef area andabout 26,000 around the “The combination of First Data’a world-class technology and industry experience with the power of Bank of America’sw brand and branch referral channel will enhancde Banc of America Merchant Services’ position as an efficiengt and innovative player in the paymentsa market,” Bell said in a Bank of America will contribute roughly 240,000 merchant clientse and First Data will contributes approximately 140,000 merchant clients to the new The combined entity will process more than 1 billion transactions per First Data will own 48.
5 percentg of the new company and Bank of Americz will own 46.5 percent. The remaining stake will be held by RockmountgInvestments LLC. First Data Corp. was acquiredx by an affiliate of Kohlberg KravisRoberts Co. in September a year after it spun off consumeer paymentsbusiness (NYSE: WU).