Tsys agrees $2.35bn TransFirst acquisition

Tsys agrees $2.35bn TransFirst acquisition

Tsys has struck a $2.35 billion cash deal to buy fellow payments firm TransFirst from Vista Equity Partners.

TransFirst, which delivers merchant solutions to more than 235,000 small and medium-sized businesses in the US, filed for an IPO last July. However, in September it emerged that several parties, including Tsys, were exploring a bid.

The acquisition, slated to close in the second quarter, will make Tsys the sixth largest US acquirer based on net revenue, supporting more than 645,000 merchant outlets. John Shlonsky, TransFirst president and chief executive office will take leadership of the Tsys Merchant segment, with current president of the unit Mark Pyke leaving the firm to "pursue a new professional challenge".

Troy Woods, chairman, president and CEO, Tsys, says: "TransFirst significantly increases our scale and opportunity within the highly attractive merchant space, and particularly the profitable and fast-growing small and medium-sized business segment. With the added strength of TransFirst, Tsys will be uniquely positioned with significant scale and strength across issuer processing, merchant services and prepaid program management."

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