First Data Corp. and Transportation Clearing House have announced plans to create a joint venture company. Both companies provide unique services that, when combined, will be a leading payment card provider to the transportation industry, according to the announcement.
First Data Corp., which provides electronic commerce and payment processing, will contribute its EFS Transportation Services business to the new venture to be merged with TCH, a major transportation payments organization.
"In forming this joint venture company, we are committed to maintaining the high level of personal customer support and services our EFS clients have come to expect," said Ed Labry, president of First Data North America. "We are pleased that in anticipation of this company's formation, TCH has recently hired Scott Phillips, a well-known industry veteran, as its chief executive officer, who will lead the new venture."
"This merger will allow us to further accelerate the transformation of the payments landscape for our Industry" said Phillips, chief executive officer of TCH and and of the joint venture.
Pending finalization of due diligence and customary transaction documentation, the parties anticipate completing the transaction in the middle of the fourth quarter of 2011. No transaction terms are being disclosed.
First Data Corp., which provides electronic commerce and payment processing, will contribute its EFS Transportation Services business to the new venture to be merged with TCH, a major transportation payments organization.
"In forming this joint venture company, we are committed to maintaining the high level of personal customer support and services our EFS clients have come to expect," said Ed Labry, president of First Data North America. "We are pleased that in anticipation of this company's formation, TCH has recently hired Scott Phillips, a well-known industry veteran, as its chief executive officer, who will lead the new venture."
"This merger will allow us to further accelerate the transformation of the payments landscape for our Industry" said Phillips, chief executive officer of TCH and and of the joint venture.
Pending finalization of due diligence and customary transaction documentation, the parties anticipate completing the transaction in the middle of the fourth quarter of 2011. No transaction terms are being disclosed.
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