First Data‘s acquisition of King of Prussia’s CardConnect has been completed, writes Jeff Blumenthal for Philadelphia Business Journal.

First Data paid $750 million, or $15 per outstanding share, for the Montgomery County payment processor in a deal that was first announced at the end of May.

CardConnect processes nearly $26 billion in transactions each year from around 67,000 customers and up until now, was also one of First Data’s biggest distribution partners. Its CEO, Jeff Shanahan, will also continue to lead the company’s operations as an executive vice president and First Data management committee member.

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The deal was a good fit for both parties as CardConnect has a robust customer base that includes several Fortune 500 companies. It is also well known for its integrated payment solutions that connect directly with a company’s internal enterprise resource planning systems. This allows its clients to accept payments directly from any type of business management software.

However, while both companies will consolidate their finances in First Data’s financial statements from with the third quarter, CardConnect will continue to operate under its own brand. It will also remain at his headquarters in King of Prussia.

Read more about First Data’s acquisition of CardConnect at Philadelphia Business Journal by clicking here.

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