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Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
 
Joint Venture
In March 2017, the Company entered into a joint venture agreement with FleetCor Technologies, Inc. (FleetCor), which was expected to offer expanded gift card distribution solutions benefits to customers and other stakeholders. As a result of challenges in obtaining regulatory approval, both companies came to the mutual conclusion that termination of the joint venture agreement was the best course of action. The Company intends to continue to explore partnership opportunities with FleetCor while also growing First Data’s Gift Solutions business.

CardConnect Acquisition

In July 2017, the Company acquired 100% of CardConnect for approximately $779 million in cash, including closing costs of $9 million. The cash consideration was funded by a combination of cash on hand and funds available under existing credit facilities. Of the cash consideration, $200 million was paid to retire CardConnect's outstanding debt and the redemption of CardConnect's preferred stock. CardConnect is an innovative provider of payment processing and technology solutions and is one of the Company's largest distribution partners. The acquisition will be accounted for as a business combination. The transaction is expected to enable the Company to improve its ability to innovate and deliver leading technology-oriented commerce solutions to its customers and partners. CardConnect operations will be reported as part of the Company's Global Business Solutions segment. The Company has not yet completed its accounting to obtain the fair value of the acquired assets and liabilities assumed related to this acquisition in order disclose the purchase price allocation or detailed intangible assets information.

Baltics Divestiture

On July 25, 2017, the Company entered into an agreement to divest all of its businesses in Lithuania, Latvia and Estonia for €73 million (approximately $85 million), subject to closing adjustments. The transaction is expected to close in the third quarter of 2017. The businesses are currently reported within the GFS segment.


Stock Compensation Award

In July 2017, the Company awarded 5 million restricted stock awards to its Chief Executive Officer which vest over seven years, but can be accelerated to five years based on stock price appreciation. The Company also awarded 2 million restricted stock awards to other senior executives, which vest 20% on the first anniversary, 40% on the second anniversary, and the remaining 40% on the third anniversary.