DENVER -- Visa U.S.A. is expected to announce today that it has agreed to acquire Plus System Inc., the international automated teller machine network with which it has been closely affiliated since 1987.
Sources said the contract will be signed next Tuesday. Visa and Plus are not expected to disclose financial terms.
"This purchase is extremely significant because it is the final link in the Visa integrated debit strategy to provide a full range of debit banking products to our customers worldwide," Charles T. Russell, president of Visa International, said in a prepared statement.
Wesley C. Tallman, executive vice president, product and market development of Visa U.S.A. and Visa International, will be president and chief executive of Plus System, overseeing debit and ATM activity.
Dale Browning, founder and president of Plus, will join Visa as a senior consultant for global strategy. Denny D. Dummler, CEO of Rocky Mountain Bankcard system and a longtime associate of Mr. Browning, will be chief operating officer.