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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.