TSYS to snap up NetSpend

City A.M. Reporter
AMERICAN payment processor TSYS said last night it will buy prepaid debit card provider NetSpend Holdings for about $1.4bn (£907.4m) in cash to expand its presence in the prepaid processing market.

TSYS offered to pay $16 per share for NetSpend - a premium of 30 per cent to the stock’s closing price yesterday.

NetSpend shares were up around 28 per cent at $15.80 in trading after the bell.