PNC Financial Services Group Inc. said Tuesday that it had agreed to extend for five years a merchant-acquiring joint venture with First Data Corp. and to increase its stake in the company.
PNC, of Pittsburgh, did not say how much it would pay First Data, of Denver, for an additional 20% share in PNC Merchant Services. It currently owns 40%, to First Data's 60%.
The two companies also plan to modify PNC Merchant Services' sales model to take advantage of the banking company's cash-management and card-acceptance services.
