May 24, 2018 / 8:06 PM / a month ago

Italy's SIA buys First Data's cards processing businesses in southeastern Europe

MILAN, May 24 (Reuters) - U.S. electronic payment services group First Data has agreed to sell its card processing businesses in parts of central and southeastern Europe to Italian rival SIA for 375 million euros ($440 million).

The businesses being sold generated combined revenues of around 100 million euro in 2017, a joint statement said, adding that SIA will take on around 1,400 First Data employees as part of the accord.

“SIA is further strengthening its position in the e-payments international market, increasing its market shares in e-money high-growth countries,” SIA CEO Massimo Arrighetti said.

The businesses being sold, which include the handling of 13.3 million payment cards as well as the management of ATM machines, are located primarily in Greece, Croatia, the Czech Republic, Hungary, Romania, Serbia and Slovakia.

The deal is expected to close in the third quarter of 2018.($1 = 0.8527 euros) (Reporting by Valentina Za; editing by Agnieszka Flak)

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