First Data Agrees to Acquire Concord EFS

First Data Corp., which owns money transfer company Western Union, said it will acquire Concord EFS Inc. for $7 billion, giving the combined company more than two-thirds of the market for processing ATM transactions for retailers.

The all-stock deal would unite First Data’s majority interest in the NYCE automated teller machine network with Concord’s rival STAR, MAC and Cash Station networks. First Data also is the largest U.S. processor of credit card transactions.

Shares of Memphis, Tenn.-based Concord added 57 cents to close at $12.44 on the New York Stock Exchange. Denver-based First Data rose 11 cents to $34.79 on the NYSE.