First Data To Spin-Off WesternUnion
DENVER - (01/26/06) -- Processing giant First Data Corp.announced Thursday its board has approved plans to separate itsWestern Union payments operations in a tax-free spin-off toshareholders. First Data also announced that it will retain itsdomestic Card Issuing business, and will organize and report itsbusinesses after the spin-off in three primary segments: First DataFinancial Institution Services (including the card issuingbusiness), First Data Commercial Services and First DataInternational. The independent Western Union company, which willinclude Western Union, Orlandi Valuta and the recently acquiredVigo business, will be the largest money transfer company, offeringcustomers the ability to transfer money or make payments virtuallyanywhere in the world. Western Union handles more than 275 millionmoney transfers each year through more than 270,000 agent locationsin over 200 countries and territories.