28 November 2015

Tsys enters merchant acquiring business with FNMS stake

01 March 2010  |  7426 views  |  0 card reader

Tsys is to spend $150.5 million to acquire a controlling interest in First National Merchant Solutions, which it will run in a joint venture partnership with First National Bank of Omaha.

Ranked as the 10th-largest merchant acquirer in North America by dollar volume, FNMS has a 57-year history in the acquiring industry with more than 300,000 merchant outlets in its portfolio. The company reported net revenue of $93 million in 2009.

Announcing the deal, Philip Tomlinson, chairman of the board and chief executive officer of Tsys. says: "After years of providing acquiring solutions to our clients, this joint venture positions Tsys as a full-service merchant acquirer for the first time in our company's history."

He says Diana Mehochko will remain as president of the new company and her executive management team will continue in their existing capacity.

Under terms of the agreement, Tsys will acquire 51% ownership of FNMS for approximately $150.5 million, while FNBO will control the remaining 49%. The transaction is expected to close 1 April, 2010.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

21 January, 2010
01 July, 2009
29 April, 2009
03 December, 2008

Related company news


Who is commenting?

Finextra Member Commented on: EPC publishes proposal...
Finextra Member Commented on: EPC publishes proposal...

Top topics

Most viewed Most shared
BBVA buys 29.5% stake in Atom for £45...
7791 views comments | 34 tweets | 41 linkedin
BNP Paribas to test contactless payment di...
6086 views comments | 17 tweets | 25 linkedin
Former Barclays chief forecasts massive jo...
5976 views comments | 27 tweets | 30 linkedin
Hilton confirms data breach
5381 views comments | 11 tweets | 17 linkedin
Alternative payment methods challenge plas...
5214 views comments | 21 tweets | 23 linkedin

Featured job

Competitive base, double OTE
London, UK

Find your next job