Fintech firm Fiserv has wrapped up the acquisition of payment processor First Data.

The consolidation is said to make Fiserv “one of the world’s leading payments and financial technology providers”.

The merged group will operate under the Fiserv brand.

Fiserv chairman and CEO Jeffery Yabuki said: “The completion of this transformative combination is a major milestone in the evolution of our companies.

“We have continued to identify ways in which we can deliver differentiated value to clients, associates and shareholders, and are excited to work together on fulfilling the promise of the combination.”

The all-stock deal worth $22bn was announced in January this year.

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Under the earlier agreed terms, shareholders of First Data will get 0.303 of a Fiserv share for each share held.

The transaction was cleared by the UK Competition and Markets Authority at the beginning of this month.

Soon after the deal closure, Bank of America announced plans to terminate its electronic payment services joint venture with First Data in June 2020. The alliance began in 2009.

The bank is said to incur an impairment charge of around $1.7bn-$2.1bn in the third quarter of 2019 for breaking off the partnership.

The two parties will adopt independent merchant services strategies from next June but have committed to serving existing clients of Banc of America Merchant Services through at least June 2023.