Question-and-Answer Session
Operator
Your next question comes from Manish Somaiya - Citigroup.
Manish Somaiya - Citigroup
I'm sure this is going to come up as we go through the Q&A, but let me just ask this anyway: do you have any updates on Chase Paymentech?
Michael Capellas
Certainly, that was a question we anticipated. Obviously, just to put the facts on the table here, everybody knows that this is a joint venture with JP Morgan. JP Morgan has 51%; we have 49%. Obviously, the merchant acquiring business has been in place since the late '90s.
Under the clause and terms of the merger agreement, they had the right to, after 30 days of the transaction being closed, to terminate. There are some specific provisions relative to how the dissolutionment of that JV would go about. So those are the facts.
As probably many of you heard me say when we were out on the road, that agreement to continue negotiations can be extended at any time by the two parties. Relationships with JP Morgan are quite good. We are in continued and active constructive dialogue with them about the go-forward position. I don't have anything new to report today, other than we continue to talk at the highest level of this company. They are constructive dialogues, and neither side feels any terrible pressure to force to a conclusion that is not in the best interest of both parties and our customers.
Bottom line here to net that out is we continue to talk, they're constructive talks, we can extend it at any time we like. We're just going to make sure that we go through something that's really helps us win in the marketplace.
Manish Somaiya - Citigroup
Essentially, Michael, you're saying that there is no deadline in terms of getting a final resolution?
Michael Capellas
The way it works in very, very practical terms is that we can extend at any time between the two companies. That extension can be as simple as we both say ?let's take another 90 days?. We agree to take another 90 days; the lawyers paper it, and we go forward. It's very practical. At a very practical level, there is no real deadline -- at a practical level.
Manish Somaiya - Citigroup
The second question I had was on the international business. I think you commented in the press release that the growth rate on the international side had slowed down a bit. I think it was about 8% compared to the target rate of around 11% to 12%. Can you just give more details on the pricing pressure that you're facing on the international side? Is it more, less than domestic or what you have seen in the international marketplace before?
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