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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.