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TSYS buys majority stake in merchant services company

August 15, 2012

In a recent announcement, TSYS stated that it had bought 60 percent of the California-based firm for an undisclosed sum of money, hoping to expand its merchant services-related offerings.

In a recent announcement, TSYS stated that it had bought 60 percent of the California-based firm for an undisclosed sum of money, hoping to expand its merchant services-related offerings.

The Ledger-Enquirer reports that the firm purchased the majority of Central Payments, which specializes in merchant services for retailers, restaurants and other businesses. TSYS said that it would not be revealing how much it had paid for the firm but that in the future it could acquire the entire firm outright.

“We’re not disclosing the purchase price for this joint venture,” said TSYS spokesman Cyle Mims. “But, yes, at a certain point in time, we do have the option to buy the rest of the joint venture and make it a wholly owned TSYS company. We do have the right to do that.”

TSYS made other headlines after it came to terms with Bank of America. In a statement, the company said that it would be providing merchant services-related operations for customers at Bank of America.

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