agreed to acquire
, a payments network secured by personal identification numbers, for 24.75 million common shares.
Based on Concord's Friday closing price of $34.50, the acquisition of Star Systems, Maitland, Fla., is valued at about $853.9 million.
Concord EFS, an electronic-commerce processor based in Memphis, said the Star network has 3,500 financial institution members, and operates primarily in 22 states in the West, Southwest and Southeast, plus Washington, D.C. Concord currently owns the MAC electronic funds transfer network, which provides services to more than 3,300 financial institutions, primarily in the Northeast and Midwest.
Concord expects to close the acquisition in the first half of 2001.