Total System Services closed its $1.4 billion acquisition of NetSpend on July 1, in line with its
TSYS will pay NetSpend stockholders $16 per share in the all-cash transaction, or nearly $1.16 billion for the nearly 72.45 outstanding shares of NetSpend stock. TSYS will also pay $240.6 million to acquire unvested shares of NetSpend stock.
"You see the
TSYS and NetSpend will spend the next few months developing strategy for the two combined companies, and will likely start rolling out products in about six months, Mims says.
The deal enables TSYS' issuer clients to
"Being able to tap into the strength and resources of TSYS and combine them with the unique product set and fast growing business of NetSpend will enable us to better serve the underbanked market," Henry said in a July 1 release.
NetSpend previously operated as a publicly traded company. NetSpend common stock ceased trading on the Nasdaq exchange prior to the market opening on Monday. The stock will be delisted.