KKR Completes $26b LBO of First Data

September 19, 2007, 1:00 a.m. EDT 1 Min Read

Six months after the proposed acquisition, affiliates of private equity firm Kohlberg Kravis Roberts (KKR) completed a $26 billion buyout of e-commerce and payments processing giant First Data Corp. The deal, first announced six months ago, had to clear international regulatory hurdles, investor approval and concerns of nervous bankers about First Data’s debt load. First Data stock ceased trading on the NYSE Tuesday. Former MCI and Compaq CEO Michael D. Capellas becomes First Data's new chairman and CEO, replacing longtime First Data executive Ric Duques. U.S. operations will be lead by Ed Labry, and include the company’s commercial services and financial institutional services units. Labry was president of commercial services. David Yates will lead international operations, and Tom Bell, Accenture’s former managing director for communications and high tech, has joined the company as evp and Chief Strategy Officer. David Dibble remains as First Data’s evp and CTO.

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