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 for INR 1.9 billion.
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.