Payment processor First Data is acquiring its King of Prussia rival CardConnect for $750 million in cash, or $15 per share, writes Jeff Blumenthal for Philadelphia Business Journal.

The deal offers a ten percent premium over the company’s closing price on Friday and will include the repayment of the company’s debt.

CardConnect reported $589 million in sales for last year, but posted a loss of nearly $16 million. The company processes around $26 billion of volume annually from nearly 67,000 merchant customers. It is also one of First Data’s biggest distribution partners.

CardConnect was originally founded as a fintech startup in Cleveland eleven years ago, but relocated to King of Prussia due to the low cost of living and numerous colleges in the area. The company went public in 2016 after merging with FinTech Acquisition Corp.

News of the sale to First Data was received positively by investors, with CardConnect’s shares trading up 10 percent on Tuesday morning. The transaction is set to close in the third quarter of this year.

“This transaction improves our ability to innovate and deliver leading technology-oriented commerce solutions to our combined customer base,“ said CardConnect President and CEO, Jeff Shanahan.

Read more about the acquisition at Philadelphia Business Journal by clicking here.