Concord EFS, Inc. announced that it has filed a registration statement with the Securities and Exchange Commission for the proposed public offering of 24,373,218 shares of the company’s common stock, including an over-allotment option. The shares to be offered include 19,194,103 held by the former owners of Star Systems, Inc., which was acquired by Concord on February 1, 2001, plus an additional 2,000,000 being sold by Concord. In addition, the underwriters have an option to purchase up to 3,179,115 additional shares of common stock from Concord to cover over-allotments. Concord intends to use the net proceeds from the offering for working capital and general corporate purposes. Concord will not receive any of the proceeds from the sale of common stock by the selling stockholders.
The offering will be managed by Salomon Smith Barney, Goldman, Sachs & Co., William Blair & Company, Banc of America Securities LLC, Bear Stearns & Co. Inc., Merrill Lynch & Co. and Morgan Keegan and Company, Inc.
Concord is a leading, vertically-integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to financial institutions, supermarkets, petroleum retailers, convenience stores, and other independent retailers. Concord’s primary activities include Payment Services, providing credit, debit, check authorization, and electronic benefits transfer (EBT) processing services to selected retail segments; and Network Services, providing gateway processing, ATM driving, online and signature debit card processing, and network access to the financial services industry under the Cash Station(R), MAC(R), and STAR(SM) brands. Concord also provides electronic payment and payroll services to trucking companies, truck stops and other businesses.Details