LOUISVILLE, Ky. -- Brown-Forman Corp. agreed to sell its credit card processing business to National Bancard Corp.
Terms were not disclosed, but Brown-Forman said the sale will mean an after-tax gain of $18.6 million. The unit processes about $3 billion a year in MasterCard and Visa transactions.
Brown-Forman markets products ranging from Jack Daniels Tennessee whiskey to Gorham silver, crystal, and china. Nabanco, a subsidiary of First Financial Management Corp., Atlanta, is the largest credit-card processor in the nation, with an annual transaction volume of more than $50 billion.
