First Data has concluded the divestiture of part of its card processing businesses to SIA.  Arms in Central and Southeastern Europe have been sold for for €387m ($447m).

The businesses, which primarily operate from Greece, Croatia, Czech Republic, Hungary, Romania, Serbia and Slovakia, generated about €100m in revenue last year.

Changes after the First Data sale

The First Data sale will allow SIA to provide card processing, card production, call centre and back-office services. Its portfolio now includes 13.3 million payment cards, 1.4 billion transactions, 300,000 POS terminals and 6,500 ATMs.

SIA deputy CEO Nicola Cordone said: “We’re particularly delighted and proud to have successfully completed the acquisition of First Data’s card processing businesses in Central and Southeastern Europe making us the number one player in the region.

“The acquisition will increase SIA’s revenues, on a 2017 pro-forma basis, by around 18% with a significant surge in income from abroad, which will rise from 20% to 33% of the total, now reaching about €670m.”

First Data signed an agreement to sell the card processing businesses to SIA for a consideration of €375m in May this year.

Following the deal, First Data plans to focus on its European issuer processing business. Also it intends to serve its client base primarily via the VisionPLUS platform.