First Data To Buy Argencard

Electronic transactions and payments First Data International, a subsidiary of First Data Corp of the US is to buy Argencard, a leading payment processor in Argentina and Uruguay. Buenos-Aires based Argencard provides card and processing services to more than 70 banks with nine million cardholders and over 150,000 active merchants. Although neither Argencard nor First Data have disclosed details of the deal, it is thought to be worth around $45 million. Subject to regulatory approval, the acquisition should be completed by year end.