First Data Corp. has acquired an 81% stake in ICICI Bank's point of sale terminal business for $80 million, a source from the Indian bank said.

ICICI Bank acknowledged in March that it planned to sell its POS terminal business. Three months later reports surfaced that First Data, a transaction processor based in Atlanta, was the preferred buyer. First Data is owned by the private equity firm Kohlberg Kravis Roberts Co.

"A new company called ICICI Merchant Services Pvt. Ltd. will be set up," the source said. First Data "would hold 81% … while ICICI bank would hold 19%."

The bank already has informed the network's merchants that their terminals have been transferred to ICICI Merchant Services, the source said.

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