Business Strategy and Outlook
| Brett Horn |Fiserv’s merger with First Data in 2019 kicked off a string of three similar deals that took place in short order. We don’t believe Fiserv’s move was especially attractive relative to the other two, and we don’t believe the company materially strengthened its competitive position as a result. However, we do think there is a valid strategic rationale for these deals, and the introduction of First Data’s acquiring business should boost overall long-term growth, given the secular long-term tailwind the business enjoys.