Breaking News: TSYS to Acquire NetSpend in $1.4 Billion Deal
Feb. 19, 2013
Payments processor TSYS has agreed to purchase GPR card provider NetSpend for $1.4 billion in cash. The deal, which TSYS chairman and CEO Philip W. Tomlinson calls “a transformational event for TSYS and consumers,” brings 2.4 million prepaid card accounts and 500 retail distributors under the TSYS umbrella. TSYS is conducting a conference call discussing the acquisition tonight. See tomorrow’s Paybefore News for full coverage of the deal.
The announcement follows U.S. Bank’s acquisition of processor and program manager FSV Payment Systems and AccountNow’s acquisition of nFinanSe, both of which were announced last fall. Industry analysts have been expecting more consolidation as competition increases.