King of Prussia-based payment processor CardConnect has agreed to be sold to rival First Data Corp. for $750 million in cash.
The deal,announced late Monday at a price of $15 per share, is a 10 percent premium over CardConnect’s Friday closing price. The deal is set to close in the third quarter and includes the repayment of debt.
CardConnect (NASDAQ: CCN) recorded $589 million in sales final year but lost close to $16 million. It processes approximately $26 billion of volume annually from approximately 67000…
Source: bizjournals.com