US e-payments firm First Data has signed an agreement to acquire Polcard, a merchant acquirer and card issuer based in Poland, in an all cash transaction worth $325 million.
Founded in 1990, Polcard operates the largest network of electronic card acceptance services in Poland, including more than 1700 ATMs and 58,000 eftpos terminals. The firm also provides a range of issuing card services to its banking clients, processing around 170 million transactions per year at its local authorisation and clearing centre. The company had 2006 revenues of $44 million.
David Yates, president, Emea, First Data, says: "Poland is a strategic market for First Data, and Polcard is an excellent complement to our existing business in the region.
"Through this acquisition, we are well positioned to support our multinational clients as they extend their presence across Central and Eastern Europe."
He says the acquisition provides an entry point to other major markets in the region.
The transaction is expected to be completed in the second quarter of 2007.