Fiserv revealed Friday that it has agreed to acquire full ownership of AIB Merchant Services (AIBMS), purchasing the remaining 49.9% stake in the joint venture it formed with AIB Group in 2007.
Fiserv to Buy AIB Merchant Services
The financial terms of the deal were not disclosed.
The move will see Fiserv, a provider of payments and financial services technology, take full control of one of Ireland’s largest payment solution providers and one of Europe’s major e-commerce acquirers.
The transaction is expected to close in the third quarter.
Katia Karpova, Head of the EMEA region at Fiserv, said: “We have enjoyed a strong partnership with AIB Group, as together we grew AIBMS into one of the leading acquirers in Europe.
“Our focus will remain on delivering market-leading solutions to clients of all sizes across Ireland and the broader European market.”
Despite the change in ownership, AIB will continue to work exclusively with AIBMS and Fiserv, referring customers seeking merchant acquiring services.
AIB CEO Colin Hunt commented: “We believe Fiserv has the commitment, experience and innovative technical solutions to grow AIBMS and that our customers will continue to be well-served under their sole ownership.”
Fiserv also highlighted plans to accelerate the growth of Clover, its smart point-of-sale and business management platform, across Ireland and Europe as part of the acquisition strategy.
