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FT Partners Advises CardConnect on its $750,000,000 Sale to First Data

Overview of Transaction

  • On May 29, 2017, CardConnect (NASDAQ: CCN) announced that it has entered into a definitive agreement to be acquired by First Data (NYSE: FDC) for $15.00 per share in cash, for an aggregate transaction value of approximately $750 million
  • The transaction is expected to close in 3Q17, subject to customary closing conditions
  • Headquartered in King of Prussia, PA, CardConnect is an innovative provider of payment processing and technology solutions
  • CardConnect processes approximately $26 billion of volume annually from 67,000 merchant customers
  • First Data is a global leader in commerce-enabling technology and solutions
  • FT Partners also represented CardConnect on its sale to FinTech Acquisition Corp for $438 million, which closed in July 2016

Significance of Transaction

  • The CardConnect transaction is consistent with First Data's strategy of integrating and scaling innovative technologies across its distribution footprint; CardConnect is one of First Data's largest distribution partners
  • CardConnect brings First Data innovative partner management technology, accelerates the Company's integrated solutions initiative and provides it with an ERP-integrated payment solution set

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to CardConnect and its board of directors
  • This transaction highlights FT Partners' continued success advising prominent companies in the Payments and Merchant Acquiring space and its leadership position as the "advisor of choice" to the highest quality FinTech Companies