Payment services provider TSYS has signed a joint venture agreement with First National Bank of Omaha (FNBO) to set up a new company, dubbed First National Merchant Solutions (FNMS).

Under terms of the agreement, TSYS is to acquire 51 percent ownership of FNMS for nearly USD 150.5 million, while FNBO will control the remaining 49 percent. The transaction is expected to close 1 April 2010. FNMS offers transaction processing, merchant support and underwriting, business and value-added services, as well as Visa- and MasterCard-branded prepaid cards for businesses.