Global Payments announces agreement to acquire ZAO United Card Service

On 09 September 2008, Global Payments Inc., an electronic payment processing services provider agreed to acquire ZAO United Card Service from ZAO United Investments, for about $120 million. The acquisition would help Global Payments Inc., to expand its indirect payment processing presence in the Russian payments market. For the deal to be effective, the regulatory and noteholders' approval and customary closing conditions are particularly required, as the shares of ZAO United Card Service are pledged as collateral in connection with a structured notes receivable financing deal in 2004.

Source: RTT Staff Writer