U.S. Bancorp To Sell Third-party ATM And Debit Servicing Business To Fiserv

(RTTNews) - U.S. Bancorp (USB) said Tuesday it has agreed to sell its third-party ATM and Debit Servicing business, which is part of the company's Elan Financial Services unit, to Fiserv, Inc. (FISV) for about $690 million. The sale includes business assets and a debit card processing network previously acquired by the company.

U.S. Bancorp said it made the decision to sell this portion of the business, which also operated as Elan ATM and Debit Processing, following a strategic review of the business unit. The planned sale is expected to close in the fourth quarter.

U.S. Bancorp added that it remains committed to its card issuing, corporate payments and merchant services payments businesses, which include Elan Issuing and Elan Corporate Payments. There is no change to those businesses and they are not part of the transaction.

However, U.S. Bancorp noted that the transaction is not material to its 2018 financial results. The company will provide additional information during its third quarter 2018 earnings call.