TSYS completes acquisition of Texas company
Georgia-based TSYS has completed its acquisition of the Texas company NetSpend, a business that provides reloadable prepaid debit cards and other financial services.
NetSpend is a wholly owned subsidiary of the payments company. Its CEO and president will remain.
NetSpend caters to underbanked consumers, In a statement, TSYS chairman and CEO Philip W. Tomlinson said the acquisition brings TSYS closer to the customer than the company has been before.
NetSpend was a publicly traded company and stockholders will receive $16 per share in cash for each share they hold. The stock will be delisted from NASDAQ.
About the Author
Arielle Kass covers Gwinnett County for The Atlanta Journal-Constitution. She started at the paper in 2010, and has covered business and local government beats around metro Atlanta. Arielle is a graduate of Emory University.
