Discover Acquires PULSE EFT Network
Discover Financial Services has announced that it has entered into a definitive agreement to acquire the PULSE EFT Association for a purchase price of $311 million.
"We believe the combination of the PULSE® and Discover® networks will create a leading electronic payments company offering a full range of products and services that will represent an attractive choice for financial institutions, merchants and consumers," said David W. Nelms, Chairman and Chief Executive Officer of Discover Financial Services. "Together, we intend to be a robust competitor in the important and rapidly growing debit market."
"This strategic partnership will join the forces of PULSE and its 4,100 member banks, credit unions and savings institutions with Discover Network and its more than 4 million merchant and cash access locations," Nelms said. "The combined entity will provide financial institutions of every size and type with a full-service debit platform and a complete product set, including credit, signature debit, PIN debit, gift card, stored value card and ATM services."
"In a rapidly changing environment, PULSE's Board has elected to team with a company that has a suite of products and resources that will enable us to continue our growth and success," said Stan Paur, PULSE President and Chief Executive Officer. "We believe that PULSE's experience in debit, combined with Discover's signature capabilities, will create a highly appealing alternative for small to large institutions across the country."
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