Tax preparation giant H&R Block Inc. will acquire the Tax & Business Services division of American Express, creating a combined firm with more than 5,000 employees and generating more than $1 billion in annual revenue.
Block will purchase the American Express division for approximately $220 million, and combine the business with subsidiary RSM McGladrey Business Services Inc. According to American Express, the sale will allow it to concentrate on its other lines of business, while Block will continue to target mid-sized clients.
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