Tsys (NYSE: TSS) and First National Bank of Omaha (FNBO) announced today the consummation of their joint venture transaction pursuant to which Tsys acquired a 51% interest in FNBO's merchant acquiring business for approximately $150.5 million.
FNBO retained a 49% interest in the newly formed company, First National Merchant Solutions, LLC (FNMS).
FNMS previously operated as a subsidiary of FNBO and offers merchant acquiring services, transaction processing and business and value-added services, as well as Visa- and MasterCard-branded prepaid cards. Ranked as the 10th-largest merchant acquirer in North America by dollar volume*, FNMS has more than 50 years of experience providing first-rate service and solutions to businesses across the United States.
*The Nilson Report March 2009