TSYS plans to acquire prepaid card provider NetSpend - WTVM.com-Columbus, GA News Weather & Sports

TSYS plans to acquire prepaid card provider NetSpend

(Source: TSYS) (Source: TSYS)
COLUMBUS, GA (WTVM) -

Columbus-based TSYS will acquire NetSpend, a leading provider of prepaid debit cards.

Its network allows consumers to purchase prepaid cards at more than 62,000 merchant locations such as retailers, convenience stores, grocers, tax preparers and others.

"The NetSpend acquisition is truly a transformational event for TSYS and consumers alike. It enables us to meet our strategic goals of diversifying our business, being a more innovative payment solutions provider and expanding our role within an area of payments that is expected to grow at a 20% annual rate over the next four years*. The acquisition also complements our already strong presence in the prepaid processing space," said Philip W. Tomlinson, chairman of the board and chief executive officer, TSYS.

The all-cash transaction, valued at approximately $1.4 billion, is expected to close in mid-2013.

In addition to prepaid debit cards, NetSpend provides financial services to under banked consumers in U.S.

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