Further to the announcement on 8 September 2014 regarding the conditional acquisition of The Logic Group by Barclaycard (the Acquisition), Barclays Bank has announced that following receipt of competition authority clearance all completion conditions to the Acquisition have been satisfied and the Acquisition has therefore completed.
Valerie Soranno Keating, Chief Executive of Barclaycard, said: “We’re delighted to have
completed this transaction. The Logic Group is one of the most highly regarded businesses in its field, bringing a range of new payment and loyalty technology capabilities to Barclaycard. I am confident that the combined talents of our two teams will enable us to meet our strategic ambitions for our business and, most importantly, for our customers.”
In light of the Acquisition, Gareth Wokes, Chairman and Chief Executive of The Logic Group, is to step down from running the business at the end of the year and will retire from the business during 2015. Marc Pettican, currently Managing Director of Sales and Account Development for Barclaycard’s Global Payment Acceptance division, has been appointed Managing Director of The Logic Group and will take up his new responsibilities from 5th January 2015.
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