United States

Live Oak Bancshares says to form new JV with First Data Corp

Wednesday, 10 May 2017 06:28am EDT 

May 10 (Reuters) - Live Oak Bancshares Inc ::Live Oak Bancshares- on May 9, 2017, co announced execution of a transaction agreement to form new joint venture with First Data Corporation.Says company estimates that gain from deal will be approximately $38 million, net of tax - SEC filing.Under terms of transaction, first data corporation will have a preference on joint venture's earnings from 2017 and 2018.As part of deal, First Data, Live Oak will contribute digital banking platforms, products, services to new co, yet to be named.First Data will own 50 percent of joint venture and Live Oak will own 50 percent.