North American Bancard closes on Total Merchant Services deal – Crain’s Detroit Business

North American Bancard Holdings LLC completed its acquisition of Woodland Hills, Calif.-based Total Merchant Services Inc., NAB announced Tuesday.

The sale closed June 30, NAB spokeswoman Brooke Tajer told Crain's in an email.

Terms of the deal were not disclosed.

The deal makes the Troy-based company the seventh largest payment processor on the continent, in terms of merchant locations, with $50 billion in annual processing. TMS will operate as a brand under single leadership as part of NAB, Tajer said.

With the merger, NAB gets a more than $12 billion boost in annual credit and debit card transactions in the short term, while TMS gets access to NAB's processing solutions, merchant and sales partner portals, onboarding tools and operational resources, the news release said. It will make way for NAB to expand its products, enter high-growth channels and improve payment solutions for businesses.

"This acquisition enables TMS to accelerate its development of fully integrated and secure payment solutions, continue its commitment to exemplary customer service for merchants and partners, and gain access to NAB's broad platform of capabilities," TMS founder and Chairman Ed Freedman said in a statement.

New York City-based Skadden, Arps, Slate, Meagher & Flom LLP and Westport, Conn.-based Berkowitz, Trager & Trager LLC advised TMS in the deal. Detroit-based Honigman Miller Schwartz and Cohn LLP advised NAB, Crain's reported in May.

Go here to read the rest:

North American Bancard closes on Total Merchant Services deal - Crain's Detroit Business