Payments and financial services technology provider Fiserv announced its agreement to acquire the remaining 49.9% stake in AIB Merchant Services, its joint venture with AIB Group.

This move aims to bolster Fiserv’s presence in Ireland and the broader European market, enhancing its position in the small and medium-sized enterprise sector, according to today’s Fiserv release.

Established in 2007, AIBMS is one of Ireland’s largest payment solution providers and a prominent e-commerce acquirer in Europe, according to the release. The company offers a range of payment solutions, including point-of-sale systems, online payment gateways and fraud prevention tools.

Under the terms of the deal, AIB Group will continue to collaborate with Fiserv and AIBMS, referring customers who require merchant acquiring services.

Financial details of the transaction were not disclosed, and the deal is subject to regulatory approvals. The acquisition is expected to close in the third quarter.