Synovus Financial Corp. and its majority-owned card processor, Total System Services Inc., set the financial terms this week for the processor's spinoff.
Synovus said Wednesday that it would distribute 0.484 of a share of Total System's common stock for each share of Synovus that the banking company's shareholders held, as of the close of business Tuesday.
Total System said Tuesday that it would pay $3.0309 per share under the terms of a one-time special cash dividend of $600 million to holders of record on Monday.
Synovus owns 81% of Total System.
The processor said the New York Stock Exchange was to begin trading its stock Wednesday on a "when issued" basis.
The transactions are to be made, and the separation of the two Columbus, Ga., companies completed, on Dec. 31.
