Corporate Feeding Frenzy: First Data Acquires Wells Fargo's ATM Network

DENVER – First Data Corp., which has agreed to be taken over by private equity giant Kohlberg Kravis Roberts & Co., said yesterday it has completed the takeover of Wells Fargo’s Instant Cash Network, a provider of ATM services for 500 financial institutions, a third of them credit unions. Instant Cash Services provides debit card and ATM processing and provides surcharge-free access to more than 6,700 Wells Fargo ATMs. First Data is the owner of STAR Systems, one of the largest regional EFT network in the country. Wells Fargo will continue to provide surcharge-free access to its machines after completion of the deal. KKR has agreed to acquire First Data for $29 billion in cash and the assumption of debt in one of the biggest corporate takeovers ever.