09 December 2016
Visit aciworldwide.com

Tsys enters merchant acquiring business with FNMS stake

01 March 2010  |  7865 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)

Finextra news in your inbox

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

Related stories

Tsys to cut jobs as Q4 profit slides

Tsys to cut jobs as Q4 profit slides

21 January 2010  |  8738 views  |  0 comments
Tsys knocked by Bank of America/First Data joint venture plans

Tsys knocked by Bank of America/First Data joint venture plans

01 July 2009  |  11938 views  |  0 comments
Tsys loses WaMu deal as Chase brings processing in-house

Tsys loses WaMu deal as Chase brings processing in-house

03 December 2008  |  8406 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit capgemini.comVisit contisgroup.com

Top topics

Most viewed Most shared
China tops world fintech rankingsChina tops world fintech rankings
8164 views comments | 38 tweets | 31 linkedin
OCC to offer fintech firms bank charter statusOCC to offer fintech firms bank charter st...
7996 views comments | 25 tweets | 15 linkedin
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
7874 views 12 comments | 15 tweets | 27 linkedin
EBA bends under weight of PSD2 mandatesEBA bends under weight of PSD2 mandates
7834 views comments | 36 tweets | 47 linkedin
Convenience needed for business banking customersConvenience needed for business banking cu...
6760 views comments | 2 tweets | 3 linkedin

Featured job

Find your next job