19 July 2018
Register today

Tsys enters merchant acquiring business with FNMS stake

01 March 2010  |  8250 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  |  9067 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  |  12839 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  |  8775 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit info.nice.comVisit https://secure.vasco.comVisit http://go.jumio.com/finextraAd

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
11805 views comments | 5 tweets | 7 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
10035 views comments | 5 tweets | 14 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
9692 views comments | 6 tweets | 15 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9234 views 19 comments | 14 tweets | 30 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
9010 views comments | 9 tweets | 17 linkedin

Featured job

Competitive base, double ote, benefits
New York, Boston, Chicago, Philadelphia, USA

Find your next job