[scuttlebit] Fiserv’s October Massacre
On the heels of my Global Payments post, another boomer payments stock has cratered.
Source: FT
You’ll recall that, through a series of mammoth-sized transactions, Global Payments morphed into an unwieldy issuer processor/merchant acquirer hybrid, only to reverse course and return to being just an unwieldy merchant acquirer. Fiserv, meanwhile, has committed to the hybrid bit. It remains the product of a $100bn mega-merger between two companies, Fiserv and First Data, the former selling to banks and the latter serving merchants, each the product of hundreds of acquisitions.