Transaction processing company First Data Corp. on Thursday said it plans to spin off its Western Union consumer payments business as a separate public company. The company also posted a 14 percent drop in fourth-quarter profit due to unusual charges.
The company said it will retain its domestic card-issuing business, and will organize its operations into three main segments after the tax-free spinoff. Its First Data Financial Institution Services segment will include the card-issuing business, and the remaining two segments will consist of First Data Commercial Services and First Data International.