First Data Files For Western Union Spin-Off
First Data Corp. has announced that Western Union has filed a Form 10 registration statement with the Securities and Exchange Commission in connection with the planned spin-off by First Data of the Western Union business.
The company also announced today that on May 12, 2006, First Data requested a favorable tax ruling from the United States Internal Revenue Service with respect to the spin-off. Both the filing of the Form 10 and the filing of the ruling request with the IRS are major milestones in the company's preparation for the planned spin-off of Western Union."We have been diligently preparing for the spin-off over the past few months and are very pleased with the progress we have made to date. We remain squarely on track to meet our stated goal of completing the spin-off in the fourth quarter of 2006," said Ric Duques, chairman and chief executive officer of First Data. "The filing of the Form 10 is a key accomplishment in the process as it provides a first look at Western Union as a standalone company."
Duques added, "It is a testament to our employees that we were able to file the Form 10 with the SEC and request an IRS ruling in such a timely manner, and I want to thank them for their continued dedication and hard work."
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