TSYS Acquires NetSpend for $1.4B
TSYS payment solutions and NetSpend general purpose reloadable (GPR) prepaid debit cards signed a definitive agreements by which TSYS will acquire NetSpend for $1.4 billion, cash. TSYS expects the transaction to be accretive to GAAP EPS for the first 12 month period following closing, excluding one-time acquisition related fees and expenses. NetSpend’s extensive distribution network provides consumers the ability to purchase prepaid debit cards at more than 62,000 distributing merchant locations, such as retailers, check cashers, convenience stores, grocers, insurance providers, tax preparers and many others. NetSpend currently serves more than 2.4 million accounts of which 46% are direct deposit.
