First Data Holding I (Netherlands) B.V. signed a letter of intent to acquire 19% stake in ICICI Merchant Services Private Limited from ICICI Bank Limited (NSEI:ICICIBANK) for INR 1.9 billion on December 13, 2024. A cash consideration of INR 1.9 billion will be paid by First Data Holding I (Netherlands) B.V. As part of consideration, INR 1.9 billion is paid towards common equity of ICICI Merchant Services Private Limited. The agreement for sale shall be entered into before June 30, 2025.

For the period ending March 31, 2024, ICICI Merchant Services Private Limited reported total revenue of INR 4.75 billion. As of March 31, 2024, ICICI Merchant Services Private Limited reported total common equity of INR 6.45 billion.

The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board. The expected completion of the transaction is June 30, 2025.