CO-OP Financial Services has entered into a definitive agreement to acquire shares in Everlink Payment Services from a subsidiary of Fidelity National Information Services (FIS).
Subject to contractual closing conditions, the deal will provide CO-OP majority ownership of the Canadian payments solutions and services provider to credit unions, banks and ISOs in Canada.
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Following the completion of the acquisition, the company will join minority-owner Celero Solutions of Calgary, Alberta, in ownership of Everlink.
Celero provides information technology solutions to credit unions and other financial services organizations across Canada.
CO-OP president/CEO Stan Hollen said: "Everlink provides a broad range of payments solutions, including card issuance, fraud management, ATM managed services, point-of-sale and debit payment processing primarily for credit unions, which are similar businesses to that of CO-OP.
"The acquisition of an interest in Everlink enables us to expand our network to clients throughout North America."
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By GlobalDataFIS executive vice president North American retail payments Bruce Lowthers said: "The purchase of our Everlink shares by CO-OP is an outgrowth of FIS’ close working relationship with CO-OP, which now extends back more than 25 years."
Celero CEO Bob Reczka said: "We strongly support building greater capabilities, efficiencies and control for credit unions in the area of payments and the intent to expand Canadian credit union ownership in Everlink has been a fundamental principle of this transaction from the outset."
