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Article: In Brief: September Spinoff For Western Union.(First Data Corp. to sell Western Union Financial Services Inc.)
- Article from:
- American Banker
- Article date:
- September 12, 2006
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First Data Corp. will spin off its Western Union Financial Services Inc. at the end of the month.
The Denver processor said last week that its shareholders of record as of Sept. 22 would be granted a dividend of one share of Western Union for every shared owned of First Data. The distribution will occur Sept. 29, and the remittance company's stock is expected to begin trading that day under the ticker symbol WU.
Lackluster second-quarter transaction volume and the U.S. immigration debate have overshadowed Western Union's future in recent months, and First Data said the spinoff would help each company focus on its core operations. Henry C. Duques, First ...