First Data, a provider of commerce-enabling technology and solutions, and FleetCor Technologies, a provider of fuel cards, have decided to terminate their gift card joint venture (JV) agreement signed in March this year.
Explaining the reasons behind termination of JV, First Data chairman and CEO Frank Bisignano said: “While both companies believe the proposed joint venture would provide significant benefits to customers and other stakeholders, expected challenges in obtaining regulatory approval led to the mutual conclusion that termination is the best course of action.
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“The expected benefits of the joint venture included offering expanded digital gift card distribution solutions. We look forward to exploring partnership opportunities with FleetCor while also growing First Data’s Gift Solutions business.”
FleetCor Technologies chairman and CEO Ron Clarke said: “We’re going to explore some other ways to partner with First Data, while also revisiting our growth plans for an independent SVS.”
First Data said that no termination fees will be payable by either company in connection with the termination of the JV agreement.
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