KKR scrapes second-rate return out of First Data

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KKR scrapes a second-rate return out of First Data richardbeales1

 

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Last deal for First Data carries late-cycle riskFiserv’s $22 bln all-stock acquisition of the transaction processor at a 30 pct premium comes with plenty of cost savings. Revenue synergies would be icing on the cake. But as with KKR’s toppy leveraged buyout of First Data in 2007, market turns can undermine M&A logic.
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