May 10, 2017 / 10:30 AM / 2 months ago

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

1 Min Read

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 Source text - (bit.ly/2qYTtYe) Further company coverage:

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