TSYS buys full stake in payments joint-venture
Columbus-based payments firm TSYS said Tuesday it has acquired the remaining 49 percent interest in a payment processing joint-venture with a Nebraska bank.
TSYS acquired the minority stake in First National Merchant Solutions from First National Bank of Omaha for $169.6 million, the company said in a news release.
FNMS will be renamed TSYS Merchant Solutions as part of the acquisition. TSYS bought a controlling 51 percent stake in FNMS from First National in April 2010.
The subsidiary provides transaction processing, risk management, credit underwriting and support for merchants. The transaction closed Jan. 1.
“We have been very pleased with the performance of the joint venture, and determined that total ownership is important to our diversification strategy,” Philip W. Tomlinson, TSYS chairman and CEO, said in the release.
About the Author
J. Scott Trubey is the senior editor over business, climate and environment coverage at The Atlanta Journal-Constitution. He previously served as a business reporter for the AJC covering banking, real estate and economic development. He joined the AJC in 2010.
