Remaining Interest in FNMS
Jan. 10, 2011
TSYS, a Columbus, Ga.-based payments processor, recently
announced it has acquired the 49-percent of First National Merchant Solutions,
LLC (FNMS) it did not already own from First National Bank of Omaha for $169.6
million. The company, which offers several card-not-present payment solutions
to its merchant clients, will be rebranded as TSYS Merchant Solutions. TSYS
formed a joint venture with FNBO in April 2010, when it acquired a 51-percent
controlling interest in the direct merchant acquirer and transaction processor.
“We have been very pleased with the performance of the joint venture, and
determined that total ownership is important to our diversification strategy,”
said Philip W. Tomlinson, chairman of the board and chief executive officer of
TSYS. “TSYS Merchant Solutions positions TSYS for further growth in the
acquiring industry.”FNMS was ranked as the 10th-largest merchant acquirer in
the U.S. by dollar volume in 2009 and includes more than 300,000 active
merchant outlets in its diverse portfolio. The transaction closed Jan. 1, 2011.