First Data Corporation and Transportation Clearing House (TCH) announced plans to create a joint venture company. First Data will contribute its EFS Transportation Services business to the new venture to be merged with TCH. Both companies provide services that, when combined, will be a leading payment card provider to the transportation industry.
Ed Labry, president of First Data North America, said, “We are pleased that in anticipation of this company's formation, TCH has recently hired Scott Phillips as its chief executive officer, who will lead the new venture.”
The parties anticipate completing the transaction in the middle of fourth quarter 2011. No transaction terms are being disclosed.