Wells Fargo and Fiserv will end their long-running merchant acquiring joint venture next year.
Wells Fargo Merchant Services (WFMS), in which Fiserv acquired a 40% stake through its 2019 merger with First Data, will expire on 1 April 2025.
In an SEC filing, Fiserv says it expects to receive a cash payment or assets equal to the value of its share in WFMS.
The payment processing giant says it also expects an impairment charge of between $400 million and $600 million.
While the joint venture is ending, the two firms have entered into a new multiyear agreement for Fiserv to provide processing for current and future merchant clients.