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Denver-based First Data Corp. (FDC) July 19 announced an agreement to acquire, from London-based BP p.l.c. (BP), Los Angeles- based PayPoint Electronic Payment Systems, a processor of personal identification number (PIN)-based debit transactions and an electronic payment processor. Financial terms of the transaction were not disclosed. The closing is subject to regulatory approval and other closing conditions. The acquisition is expected to close this quarter. Upon completion of the transaction, First Data will expand its growing presence in the petroleum/convenience store, supermarket and quick service restaurant (QSR) markets. With the addition of PayPoint's EBT (electronic benefits transfer) acquiring capabilities, First Data will be able to offer direct EBT connections to merchants nationwide. Earlier this year, BP agreed to switch its debit and credit processing transactions to PayPoint for its various retail sites throughout the U.S. That switch is expected to take place in early 2003. Salomon Smith Barney, Inc. advised BP on this transaction. (First Data Corp., Rodney D Bell, 214/224-3975, or David Banks, 303/967-8057; BP / PayPoint, Paul Langland, 213/486-3181.)