U.S. Bancorp Selling Some of Elan Financial Services Business

   By Allison Prang

U.S. Bancorp is selling a portion of its Elan Financial Services business for about $690 million to financial technology firm Fiserv Inc., both companies announced Tuesday.

U.S. Bancorp, based in Minneapolis, is selling the part of Elan devoted to third-party ATM and debit servicing, it said, a division it decided to shed after reviewing Elan's operations. The company will keep both the issuing and corporate payments parts of Elan.

Fiserv said the deal will "deepen its presence in debit card processing, and expand its mobile and digital payments offerings for consumers and businesses." Fiserv said the business would bring in more than $170 million in revenue annually.

Shares of U.S. Bancorp were unchanged premarket and have risen 1.6% year to date. Shares of Fiserv, up 23% so far in 2018, were also unchanged premarket.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

September 25, 2018 08:26 ET (12:26 GMT)

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