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Don't expect payment processor First Data (FDC) - Get First Data Corporation Class A Report to make any more acquisitions as large as its $750 million purchase of CardConnect (CCN) in the near future.

While CFO Himanshu Patel says the New York-based company regularly evaluates potential targets, its top priority for now is continuing to reduce leverage from a buyout by private equity firm Kohlberg Kravis Roberts & Co. in 2007.

"There is an active M&A market in the payments industry," Patel said in a telephone interview. "We look at nearly everything in the space but we don't execute on many of them. This was a very deliberate thoughtful transaction that was really in the works because of a longstanding relationship." 

The deal, terms of which call for First Data to pay $15 a share for the King of Prussia, Pa.-based target, comes as vendors and merchants are increasingly reliant on digital technology. It also brings one of First Data's largest distribution partners into its own network.

CardConnect, a provider of technology-oriented commerce solutions, went public in March 2016 via a merger with public shell company FinTech Acquisition Corp. The company offers full-service payment platforms for both small and midsize business and enterprises through its CardPointe platform for tracking payments and its CardSecure platform, which uses Oracle (ORCL) - Get Oracle Corporation Report and SAP (SAP) - Get SAP SE Report systems to store transaction data.

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"CardConnecthasan innovativeapproachusingtechnologytoenablecommerce,withassetsthatspanpartner management,aswellassomeofthefast-growingsectorsofthemarket," CEO Frank Bisignano told investors on a call. "These toolshelpdistributionpartnersruntheirbusinessbetter."

For the year ended Dec. 31, CardConnect had $156 million revenue and $38 million in earnings before interest, taxes, depreciation and amortization, a measure of financial performance known as Ebitda. The company had debt of about $127.9 million as of March 31.

First Data will pay off CardConnect's outstanding debt upon completion of the deal, which is expected in the third quarter. About 40% of CardConnect shareholders have already agreed to support the transaction, according a statement from the companies.

KKR, which took First Data private in 2007, now holds about 75% of its voting class and common shares through a subsidiary, New Omaha Holdings. 

For the quarter ended March 31, First Data had about $12.3 billion in senior secured debt with a covenant that the company must keep its debt-to-Ebitda ratio below 6. The ratio stood at about 3.6 at the time.

First Data has climbed 1.6% to $16.90 since announcing the transaction, while Card Connect has risen 10.3% to $15.05. The S&P 500 declined less than 1% in the same period.