First Data Corp., parent of the world's largest credit card processor, said it will acquire a part of Envoy Corp. in a $156 million deal that will raise First Data's profile in the merchant-processing end of the business.

First Data, based in Hackensack, N.J., agreed to buy the Envoy division that handles merchant and point of sale transaction services. In addition to the $156 million in stock, First Data could pay an additional $21 million in stock if the unit meets certain performance objectives.

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