Management Consulting

M&A Advisory Services

Overview of M&A Services
M&A Transactions

Specialized Services

Research Services

M&A Transactions

First Annapolis has played an advisory role on many of the transactions that have changed the complexion of the payments industry. Leveraging our deep knowledge of value drivers, business risks and opportunities, and creative deal structures, we offer specialized M&A expertise on both the buy and sell side of transactions. Provided below is a partial, representative list of our advisory transactions.

Card Issuing/Retailer Services

Boscov's, Inc. sold its credit card portfolio to and entered into a partnership with HSBC. First Annapolis advised Boscov's on this transaction.
JPMorgan Chase acquired the $1.6 billion credit card portfolio from and entered into a strategic relationship with Kohl's Corporation. First Annapolis advised Chase Card Services on this transaction.
Belk, Inc. sold its credit card business to and entered into a partnership agreement with GE Money. First Annapolis advised Belk on this transaction.
Federated Department Stores, Inc. sold its credit card portfolio to and entered into a partnership agreement with Citigroup. First Annapolis advised Federated on this transaction.
The Bon-Ton Stores, Inc. sold its $300 million credit card portfolio to and entered into a partnership agreement with HSBC. First Annapolis advised Bon-Ton on this transaction.
DaimlerChrysler Services entered into a co-brand credit card arrangement with, including the sale of its credit card portfolio to Bank of America. First Annapolis advised DaimlerChrysler on this transaction.
Circuit City sold its $1.8 billion credit card business to and entered into a strategic relationship with Bank One. First Annapolis advised Circuit City on this transaction.
Direct Merchants Bank (Metris) sold its La Curaçao credit card portfolio to Embargo, LLC. First Annapolis advised Metris on this transaction.
Sony directed the sale of a $1.4 billion credit card portfolio and established a co-branded card program with Bank One. First Annapolis advised Sony on this transaction.
Household International acquired the $1.2 billion credit card portfolio from and entered into a strategic relationship with Saks, Inc. First Annapolis advised Household International on this transaction.
Bank of America sold $290 million of credit card assets to Chase. First Annapolis advised Bank of America on this transaction.
Partners First sold its $2.0 billion credit card business to Wachovia. First Annapolis advised Partners First on this transaction.
Regions Bank sold its bankcard portfolio and entered into an agent bank agreement with MBNA. First Annapolis advised Regions Bank on this transaction.
Banco Popular North America sold its U.S. card business and entered into an agent bank agreement with Metris Companies. First Annapolis advised Banco Popular on this transaction.
J.C. Penney Company, Inc. sold its $3.8 billion credit card business and entered into a strategic relationship with GE Consumer Finance. First Annapolis advised J.C. Penney Company on this transaction.

Merchant Acquiring

AIB Corporate Finance formed a merchant acquiring joint venture with First Data. First Annapolis advised Allied Irish Bank on this transaction.
Banco Santander Puerto Rico sold its merchant portfolio and entered into a strategic sales and marketing relationship with NOVA Information Systems. First Annapolis advised Banco Santander Puerto Rico on this transaction.
Integra Bank sold its $65 million merchant portfolio to and entered into a strategic relationship with Nova. First Annapolis advised Integra Bank on this transaction.
National Data Funding Corp (NDFC) completed the sale of substantially all of its assets including a $650 million merchant portfolio to First American Payment Systems.
Fifth Third Bank completed the sale of a $7.5 billion agent bank, ISO & ISC merchant credit card portfolio to TransFirst . First Annapolis advised Fifth Third Bank on this transaction.
First Data sold a portfolio of merchants and agent banks for $55 million to iPayment Inc. First Annapolis advised First Data on this transaction.
First Data formed a merchant acquiring alliance serving over 4,000 merchants in Mexico with Scotiabank Inverlat, S.A. First Annapolis advised First Data on this transaction.
BA Merchant Services, Inc., a subsidiary of Bank of America, completed the sale of a $3 billion agent bank merchant credit card portfolio to TransFirst. First Annapolis advised Bank of America on this transaction.
First Data formed a processing and merchant acquiring joint venture serving over 30,000 merchants and 500 credit unions with CUETS. First Annapolis advised First Data on this transaction.
First Data consolidated the $7.2 billion Wachovia Merchant Services merchant portfolio into First Data Merchant Services. First Annapolis advised First Data on this transaction.
Union Planters Bank sold its $1.8 billion merchant portfolio and entered into a strategic relationship with Nova. First Annapolis advised Union Planters Bank on this transaction.
National Bank of Canada sold its $7 billion merchant portfolio to and entered into a strategic relationship with Global Payments. First Annapolis advised National Bank of Canada on this transaction.
Pacific Capital Bancorp formed a merchant bank alliance with First Data. First Annapolis advised Pacific Capital Bancorp on this transaction.
First American sold its $500 million merchant portfolio and entered into a strategic relationship with NOVA and KeyMerchants. First Annapolis advised First American on this transaction.
American National Bank sold its merchant portfolio to PMT. First Annapolis advised American National Bank on this transaction.