GREENWOOD VILLAGE, Colo., April 2 (UPI) -- U.S. private-equity firm Kohlberg Kravis Roberts & Co. agreed to buy big credit-card processor First Data Corp. for $29 billion, First Data said Monday.
Under the deal approved by First Data's board, First Data shareholders will get $34 in cash for each First Data share, a 26 percent premium over First Data's $26.90 closing share price Friday.
The deal -- among the 10 largest buyouts ever -- is expected to close in September, pending First Data shareholder and regulatory approvals, First Data said.
First Data, which controls the STAR payment network, serves 4.9 million businesses and 1,900 card issuers. Its offerings include credit and debit cards and Internet and cell-phone commerce.
The Greenwood Village, Colo., company posted revenue of $7.08 billion last year and net income of $1.51 billion.
First Data, founded in 1971, became one of the first processors of credit card payments. It was bought by American Express Co. in chunks between 1980 and 1983. American Express spun it off in 1992.
As an independent company, First Data owned Western Union Co. from 1995 until spinning it off last September.
