News
Synovus to spin off TSYS in $600 million deal
October 28, 2007
Digital Transactions:Synovus Financial Corp. confirmed last week that it plans to spin off its entire 80.8 percent interest in payment card processor Total System Services Inc. (TSYS) to shareholders. "This transaction allows for broader diversification of our shareholder base; more liquidity in our shares; additional investment in strategic growth opportunities and potential acquisitions; and the opportunity for shareholders to value TSYS as a stand-alone, pure play in the payments-processing market," said Philip W. Tomlinson, chairman and chief executive of TSYS. The planned spin, approved by directors of both companies, will include a TSYS-paid cash dividend to its shareholders of $600 million, or $3.04 per share.
Trends / StatisticsTransaction ProcessingOtherNorth AmericaPublic CompaniesBanking Executive Summary
Related Media
Subscribe
Get the latest news and resources from ATM Marketplace.
Recent Posts
SEC accuses former ATM businessman Daryl Heller of funneling $185M from investors
Fifth Third named as top veteran friendly employer
DC AG sues Bitcoin ATM operator Athena Bitcoin for allegedly exploiting scam victims
NCR Atleos earns #5 rank in fintech rankings
SEC to revamp cryptocurrency policies amid Trump's pro crypto push
