ATLANTA -- First Financial Management Corp. said it has completed the acquisitions of TeleCheck Services Inc. and Payment Services Co.- U.S., the principal franchise and data processing provider for TeleCheck.
The purchase of TeleCheck, a provider of check guarantee services, from McDonnell Douglas Corp. was closed on July 17. Payment Services Co.'s sale by its management and a group of private investors was completed July 28.
The price for both, which had $105 million in 1991 revenue, totaled $159 million - $116 million in cash, $14 million in First Financial Management common stock, and the assumption and retirement of $29 million of existing Payment Services Co. debt.
The check guarantee business will complement First Financial's sizable point-to-sale processing business, in which it handles credit card transactions for merchants. First Financial also owns Georgia Federal Bank, the largest thrift in the state.