Summary by Moomoo AI
American Express Company has announced the sale of its wholly owned subsidiary, Accertify, to technology private equity firm Accel-KKR. Accertify, a provider of fraud prevention solutions, was acquired by American Express in 2010. Despite the sale, American Express will maintain its own fraud prevention programs, which are noted for having the lowest fraud rates among major U.S. card networks. The transaction, which is subject to customary closing conditions, is expected to be finalized in the second quarter of 2024. The financial terms of the deal have not been disclosed. The company has also included forward-looking statements in the report, cautioning that actual results could vary due to factors such as regulatory approvals, financing availability for the purchaser, and potential impacts on business relationships.