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First Data Corp. will continue to process payment transactions for Wells Fargo Merchant Services LLC, a joint venture First Data and Wells formed in 1993, according to Michael Capellas, First Data CEO and chairman. During a conference call with analysts earlier this week to discuss the Greenwood Village, Colo.-based processor's earnings (CardLine, 3/25), Capellas said the companies signed a five-year extension on Dec. 31. Wells Fargo also increased its ownership in the joint venture to 60% by paying First Data $222 million for 12.5% of the processor's shares in the joint venture, First Data's 2008 annual report states. "Our relationship with Wells is quite strong," Capellas said. First Data recently ended its agreement with Chase Paymentech Solutions LLC, a joint venture with JPMorgan Chase & Co. (CardLine, 11/3/08). Chase Paymentech continues to operate as a unit of the New York-based bank.
