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Industry News
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House Passes ILC Restrictions |
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The U.S. House of Representatives overwhelmingly passed a bill this week that would prevent commecial companies like Wal-Mart from owning or operating industrial loan corporations (ILCs), non-commercial banks which nonetheless could issue credit cards, accept deposits and make consumer loans.
The measure would allow formation of ILCs only by companies which conduct 85% of their business activities in the financial services sector. It passed the House by a 371-16 margin.
A companion measure sponsored by Sen. Sherrod Brown (D-OH) is before the Senate Banking Committee, where its prospects are uncertain. In the past, similar measures have been opposed by banking committee member Sen. Robert Bennett (R-UT). Utah is one of seven states that charter ILCs and is home to the majority of those now operating.
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First Data - KKR Deal Moves Forward |
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First Data appears to be moving toward accepting the $29 billion buyout proposal from Kohlberg Kravis Roberts (KKR) announced in April. Under the tedrms of the agreement, First Data had 50 days to seek additional bidders for its business, but according to Cardline, the company is reporting that the search for another suitor came up empty when the 50-day period expired this week.
First Data is expected to file a preliminary proxy statement with the Securities and Exchange Commission shortly, which will be followed by a final proxy statement seeking shareholder approval for the deal. KKR is offering a cash payment of $34 per share for First Data 's publicly traded stock.
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Visa International has tapped Joseph Saunders to be chairman and CEO when it becomes a public company later this year under the name Visa Inc. Saunders had been serving as executive chairman of Visa International's board of directors and was chosen for the new post on agreement from the three entities (Visa USA, Visa Canada and Visa International) Visa will merge into the new public company, Visa Inc.
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Alliance Data Systems Bought by Private Equity Firm |
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Private equity firm
Blackstone Capital Partners says it will buy loyalty card firm Alliance Data Systems Corp. for $7.8 billion, including debt. Blackstone will pay $81.75 per share in cash to take Alliance private. The deal is expected to close by the end of the year, contingent upon regulatory and Alliance Data shareholder approvals.
Based on Alliance Data’s 78.7 million outstanding shares as of May 1, the deal is valued at $6.43 billion. Including assumed debt, the total transaction is worth about $7.8 billion.
Alliance Data’ board unanimously approved the agreement and recommended that shareholders agree to the transaction, which is expected to close by year-end, subject to antitrust and other regulatory approvals.
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Regulators OK First Data Acquisition |
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WASHINGTON -- Federal antitrust regulators on Friday approved First Data Corp.'s purchase of online banking and bill payment provider FundsXpress Inc. According to a Federal Trade Commission notice, the government has completed its investigation of the sale and ended a waiting period on the transaction. Omaha, Neb.-based First Data provides electronic payment services to financial institutions and businesses. Terms of its acquisition of FundsExpress were not disclosed.. FirstData said in April that it is being acquired by an affiliate of private equity firm Kohlberg Kravis Roberts & Co. for about $27 billion in cash. First Data's shares rose a penny to $32.52 in after-hours trading, after falling 3 cents to close at $32.51.
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