DENVER—Kohlberg Kravis Roberts & Co. affiliates have completed the $26 billion acquisition of payment processor First Data Corp., First Data said.
Privately held KKR completed the deal Monday and First Data’s stock will no longer be publicly traded effective Tuesday, the company said.
Michael D. Capellas becomes First Data’s new chairman and chief executive officer, replacing Ric Duques. Capellas’ appointment had been announced in July.
First Data, based in the Denver suburb of Greenwood Village, was formed in June 1971. In 1980, American Express Information Services Corp. bought 80 percent of the company and had acquired all of it by 1983. First Data went public in 1992 when it was spun off by American Express.
Last year, First Data spun off Western Union, the global money transfer business.
The KKR acquisition was announced in April. It appeared to have been slowed down by disagreement with the bankers financing the deal.
Last week, First Data announced cost-cutting moves that included consolidating data centers and shifting work overseas.
First Data also said it would reduce corporate overhead spending, consolidate office space and work with fewer vendors to increase its purchasing power.
The company estimated it will incur a charge of $125 million to $150 million to implement the changes but expects to save at least $150 million by the end of 2008.
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