will commit $600 million to develop electronic payment services for Internet users in a joint venture called
The initial operating businesses of the joint venture will include a deal with
( ENTU) to provide payment services, such as the payment of state and federal taxes for businesses, over the Internet.
First Data is contributing certain operating businesses and existing Internet venture interests valued at $360 million for a 75% stake in eOne Global. iFormation will contribute $135 million in cash for a 25% stake and a warrant for 1.75 million First Data shares. First Data and iFormation committed an additional $100 million in cash, proportionate to their ownership levels, for future business development.
Ric Duques, chairman and chief executive of First Data, will serve as chairman of eOne Global. Garen Staglin was named president and chief executive.