A Columbus-based company payment company is making a $1.4 billion acquisition.
TSYS, a payment-acceptance company, is purchasing the reloadable pre-paid debit card company NetSpend. It is an all-cash deal.
The Austin, Texas company provides financial services to about 2.4 million people who don’t have bank accounts, and provides corporate payroll debit cards to those without banks. The deal will mean NetSpend shareholders get $16 a share.
In a statement, TSYS chairman and CEO Philip Tomlinson said the acquisition is a transformative event that would help diversify TSYS’ business. It will allow the company to be a “more innovative payment solutions provide,” he said. The business is expected to grow sharply in the next several years.
The purchase, which is subject to regulatory approval, is scheduled to close in the middle of the year.
A Lawrenceville pastor wants his congregation to know the good news about the Gospel of Mark. Dean Sweetman, senior pastor of the C3 Church, has challenged his members and anyone else interested to read the New Testament book in its entirety over the next year and post Instagram photos of their notes.