First Financial Management Corp. Announces Definitive Agreement for the Sale of Basis Information Technologies

Patrick H. Thomas, chairman of the board, chief executive officer, and president of First Financial Management Corp. (FFMC) Thursday announced that a definitive agreement has been signed for the sale of Basis Information Technologies (Basis) to FIserv Inc. FFMC will receive $96.5 million, 50 percent...

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Bibliographic Details
Published inBusiness Wire p. 1
Main Author Thomas, Patrick H
Format Newsletter
LanguageEnglish
Published New York Business Wire 31.12.1992
Subjects
Computer service industry
Divestiture
South Atlantic
Atlanta
GA
US
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Summary:Patrick H. Thomas, chairman of the board, chief executive officer, and president of First Financial Management Corp. (FFMC) Thursday announced that a definitive agreement has been signed for the sale of Basis Information Technologies (Basis) to FIserv Inc. FFMC will receive $96.5 million, 50 percent in cash and 50 percent in FIserv stock. After the settlement of a number of tax and other issues, FFMC's results for the fourth quarter are expected to include a net loss from this transaction of approximately $65 to $75 million. (excerpt)