First Data, InComm Mutually Agree to Terminate Acquisition Plan
First Data and InComm have announced that "they have mutually agreed to terminate the planned acquisition of InComm. Instead, First Data and InComm have signed a distribution agreement and will continue to support their joint customers with prepaid card processing, program management and a distribution network that allows First Data and its merchants to sell prepaid products in InComm prepaid card malls."
"First Data and InComm are leaders in the stored value market, and we're pleased to continue working together to deliver tremendous value to our mutual customers," said Brooks Smith, president and chief executive officer of InComm.
"As a strategic partner for many years, this decision lets both parties focus on the unique value we each bring to our mutual customers and the market," said Ed Labry, president of First Data's USA division. "We look forward to continuing our relationship with InComm and building on the successful relationships we have with our customers."
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