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.
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