Fiserv Inc. (FISV) and First Data Corporation (FDC) are expected to finalize their merger in 3Q 2019 through an all-share transaction, with FISV as the surviving entity. We think the M&A transaction is compelling due to the significant amount of revenue & cost synergies, as well as the resulting enhanced financial position. Upon successful integration, FISV will be able to cross-sell additional services from FDC and integrate the technology & cost structure of both companies. However, we think leverage is a key concern the combined entity will need to address in