TSYS Inks $1.4B Deal To Buy NetSpend

Law360, New York (February 19, 2013, 10:13 PM EST) -- Credit-card processor Total System Services Inc., or TSYS, will acquire prepaid-card maker NetSpend Corp. for $1.4 billion in cash, the companies announced Tuesday.

Under the deal, which is slated to close mid-year, TSYS will gain access to NetSpend's exclusive distribution network, which includes more than 62,000 stores, check cashers, tax-preparation offices and other locations. NetSpend, which makes reloadable prepaid debit cards, currently has more than 2.4 million accounts, almost half of which are direct-deposit accounts, and also provides corporate-payroll cards, according to company statements.

NetSpend's shareholders...
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