Almost two years after first buying Internet merchant payment services provider iBill, InterCept, Inc. is reportedly selling its InterCept Payment Solutions operation to its chief executive officer, other management, and "a third-party merchant payment services provider," according to a published report.
Reuters said the deal involves $37.4 million in cash, a promissory note, and assumed liabilities, with InterCept expecting "to take a $135 million charge from the sale, prior to tax benefits, for the fourth quarter ended (in December)."
The buyers are said to be InterCept CEO John Perry, leading an IPS management group, and "a third party provider of merchant payment services for both traditional and Web-based merchants," according to a statement by InterCept.
iBill spokesman Al Dugan did not return a call for comment to AVN.com before this story went to press, and it could not be confirmed whether iBill was the co-buyer third-party payment provider or was itself part of what is to be sold.
InterCept bought iBill in March 2002, with then-InterCept CEO John W. Collins saying the deal would help InterCept become a full-service provider of "end-to-end" credit processing for multiple sales channels, including the Internet, point-of-sale, call center, mail order, and wireless.
The sale of InterCept Payment Solutions is expected to be complete by February's end, Reuters said.
