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TSYS to snap up NetSpend

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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.