Fiserv, a US-based provider of payments and financial services technology, has announced it will acquire the remaining 49.9% stake in Ireland’s AIB Merchant Services (AIBMS), its joint venture with AIB Group.

The move is aimed at supporting continued growth in Ireland and across Europe.

Financial details of the transaction have not been disclosed.

Established in 2007, AIBMS is among the largest payment solution providers in Ireland and ranks as one of Europe’s major e-commerce acquirers.

Following the transaction, AIB Group will continue to refer customers requiring merchant acquiring services to AIBMS and Fiserv exclusively.

Katia Karpova, Head of the EMEA region at Fiserv, stated:

“Our focus will remain on delivering market-leading solutions to clients of all sizes across Ireland and the broader European market. We are particularly excited for the opportunity to accelerate the local penetration and growth of Clover, the world’s smartest point-of-sale system and business management platform.”

Colin Hunt, Chief Executive Officer of AIB, added:

“Following a successful joint venture partnership, we believe Fiserv has the commitment, experience and innovative technical solutions to grow AIBMS and that our customers will continue to be well-served under their sole ownership. Recognising the strength of the AIB customer franchise, we are pleased to support our business customers by maintaining a close on-going relationship with Fiserv.”

The acquisition is expected to be completed in the third quarter.

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