Under the terms of the deal, the remaining 49 percent of FNMS controlled by FNBO has been taken by TSYS for USD 169.6 million. The deal was closed on the 1st of January 2011.
The newly set up company, dubbed TSYS Merchant Solutions, is set to offer transaction processing, merchant support and underwriting, business and value-added services, as well as Visa- and MasterCard-branded prepaid cards for businesses.
Under a previous agreement, closed on 10th of April 2010, TSYS entered a joint venture with FNBO when it acquired 51 percent of FNMS.
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