First Data to Spin Off Western Union

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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.


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