First Data Got NYCE Payout
DENVER - (08/10/04) -- First Data Corp. said it paid a $40million dividend to shareholders of its NYCE electronic fundstransfer network, including $25.5 million to itself, just beforeselling the network in May to Marshall & Ilsley's MetavanteCorp. First Data acquired its stake in NYCE in August 2002 for $353million and sold the stake to Metavante for $389 million. The otherfour shareholders in NYCE, banking giants HSBC, Citibank, JP MorganChase, and Bank of America, received $55.25 million each for their9% shares in the network. First Data was required to sell itsinterest in NYCE under a settlement of an antitrust suit with theDepartment of Justice, which allowed First Data to complete itsacquisition of Concord EFS, parent of the Star Systems EFTnetwork.