COLUMBUS, Ga. & AUSTIN, Texas - Tuesday, July 2nd 2013 [ME NewsWire]
(BUSINESS
WIRE)-- TSYS (NYSE: TSS) and NetSpend Holdings, Inc. (NASDAQ: NTSP)
announced today that TSYS has completed its acquisition of NetSpend.
NetSpend is now a wholly owned TSYS subsidiary and TSYS’ fourth
operating segment focusing on direct to consumer products and services.
NetSpend will continue to be led by chief executive officer Dan Henry
and president Chuck Harris. The segment will report directly to Troy
Woods, president and chief operating officer of TSYS.
Headquartered
in Austin, Texas, NetSpend is a leading provider of general purpose
reloadable (GPR) prepaid debit cards, PayCards and related financial
services to the estimated 68 million underbanked consumers in the United
States who do not have a traditional bank account or who rely on
alternative financial services.
“This is a transformational day
for everyone at TSYS and NetSpend, as this deal brings together two
companies with a shared vision and purpose that focuses on meeting the
needs of people. It also takes TSYS closer to the consumer than we have
ever been before,” said Philip W. Tomlinson, chairman and chief
executive officer of TSYS. “Our strategy has been, and continues to be,
to further expand our role in the payments value chain and bring more
innovative solutions to market. The acquisition of NetSpend is further
evidence that we are moving forward in that direction, and have
strengthened our foothold in the rapidly growing prepaid industry.”
“This
is a truly amazing time at NetSpend, and we are ready to get to work,”
said Dan Henry, chief executive officer of NetSpend. “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, which is our focus and our
passion.”
NetSpend previously operated as a publicly traded
company. NetSpend common stock ceased trading on NASDAQ prior to the
opening of trading on Monday, July 1, 2013, and will be delisted. Under
the terms of the definitive merger agreement between the parties,
NetSpend stockholders are entitled to receive $16.00 per share in cash
for each share of NetSpend common stock that they hold. Letters of
transmittal allowing NetSpend stockholders of record to deliver their
shares to the paying agent in exchange for payment of the merger
consideration will be distributed shortly after the closing.
Stockholders of record should be in receipt of the letter of transmittal
before surrendering their shares. Stockholders who hold shares through a
bank or broker will not have to take any action to have their shares
converted into cash, as such conversions will be handled by the bank or
broker.
Additional details of the acquisition, as well as revised
2013 guidance for TSYS, will be discussed on the company’s
second-quarter analyst call on July 23, 2013.
About NetSpend
NetSpend
is a leading provider of general-purpose reloadable prepaid debit cards
and related financial services to the estimated 68 million underbanked
consumers in the United States who do not have a traditional bank
account or who rely on alternative financial services. The Company's
mission is to develop products and services that empower underbanked
consumers with the convenience, security and freedom to be self-banked.
Please visit http://www.netspend.com for more information.
About TSYS
At
TSYS, (NYSE: TSS), we believe payments should revolve around people —
not the other way around. We call this belief "People-Centered
PaymentsSM." By putting people at the center of every decision we make,
with unmatched customer service and industry insight, TSYS is able to
support financial institutions, businesses and governments in more than
80 countries. Offering merchant payment-acceptance solutions as well as
services in credit, debit, prepaid, mobile, chip, healthcare and more,
we make it possible for those in the global marketplace to conduct safe
and secure electronic transactions with trust and convenience.
TSYS’
headquarters are located in Columbus, Georgia, with local offices
spread across the Americas, EMEA and Asia-Pacific. TSYS provides
services to more than half of the top 20 international banks, and has
been named one of the 2013 World's Most Ethical Companies by Ethisphere
magazine. TSYS routinely posts all important information on its website,
for more please visit us at www.tsys.com.
Contacts
TSYS Media Relations
Cyle Mims, +1-706-644-3110
cylemims@tsys.com
TSYS Investor Relations
Shawn Roberts, +1-706-644-6081
shawnroberts@tsys.com
Permalink: http://www.me-newswire.net/news/7849/en
No comments:
Post a Comment