Deluxe Corp. said it has entered into an agreement to sell Financial Alliance Processing Services Inc., the Louisville, Ky.-based merchant processing subsidiary it acquired two years ago.

Deluxe will sell the unit to FA Holdings Inc., a company organized by the current managers of the Deluxe processing division, and to Inverness/Phoenix LLC, a Greenwich, Conn.-based investment firm.

Deluxe, the nation's largest check printer, said the sale was part of a plan to divest itself of divisions that no longer fit its business strategy.

Terms of the sale were not disclosed.

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