Davis Polk is advising BofA Merrill Lynch as financial adviser to Netspend Holdings, Inc. in connection with its approximately $1.4 billion acquisition by Total System Services, Inc. (TSYS). The transaction is expected to close in mid-2013, and is subject to regulatory approvals, approval by NetSpend shareholders and customary closing conditions.
NetSpend is a provider of general-purpose reloadable prepaid debit cards and related financial services to the estimated 68 million under-banked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services. TSYS offers merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, health care and more.
The Davis Polk corporate team includes partners George R. Bason Jr. and Leonard Kreynin and associate Brian J. Snyder. All members of the Davis Polk team are based in New York office.
