October 04, 2011 04:15 PM Eastern Daylight Time
ATLANTA & OGDEN, Utah--(BUSINESS WIRE)--First Data Corporation, a global leader in electronic commerce and payment processing, and Transportation Clearing House, TCH, a leading transportation payments organization today announced plans to create a joint venture company. First Data will contribute its EFS Transportation Services business to the new venture to be merged with TCH. Both companies provide unique services that, when combined, will be a leading payment card provider to the transportation industry.
“Outside of the obvious strategic benefits of combining these two highly complementary cultures, this merger will allow us to further accelerate the transformation of the payments landscape for our Industry”
“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.”
“Outside of the obvious strategic benefits of combining these two highly complementary cultures, this merger will allow us to further accelerate the transformation of the payments landscape for our Industry,” said Scott Phillips, chief executive officer of TCH and chief executive officer of the joint venture. “We are excited to establish our role as the new Industry leader by bringing unparalleled service levels, customer driven innovation and new technology to make our Industry better.”
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.
Notice to Investors, Prospective Investors and the Investment Community Cautionary Information Regarding Forward-Looking Statements
This press release contains certain forward-looking statements based on current expectations of First Data. All forward-looking statements, including the parties expectation to complete a transaction and to close the transaction in the fourth quarter of 2011, are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected. Important factors upon which First Data’s forward-looking statements are premised include, but are not limited to the parties ability to reach final agreement on the terms of the transaction following completion of due diligence. First Data undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
About TCH
Established in 1998 and headquartered in Ogden, Utah, TCH offers payment cards that support various transportation and financial needs. TCH payment products are accepted at over 7,500 locations in the United States and Canada. TCH's portfolio includes: TCH Fleet Fuel Card, TCH Express, FP Solutions, SFJ Express, TCH Fleet MasterCard®, TCH SmartPay, and TCH Checks and MoneyCodes. Backed by experts in the trucking industry, TCH maintains cutting edge technology in money transfer and data processing. For more information, go to www.tch.com.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.
