The deal was approved by the majority of nFinanSe’s stockholders in a meeting held in November this year.
Scheduled to complete in two phases, nFinanSe operational assets will be sold to an entity wholly owned by AccountNow under first phase.
Following that, nFinanSe assets will have only the stock of nFinanSe Payments, the wholly-owned subsidiary of the Company that holds various state money transmitter licenses.
In the second phase, the acquirer will have an option to buy the stock of nFinanSe Payments for a nominal payment, upon getting approval from concerned parties.
Commenting on the deal, AccountNow CEO Jim Jones said, "This strategic combination instantly expands our retail distribution to an additional 15,000 plus locations."
Headquartered in California, the acquirer offers money saving prepaid cards, which allows holders with access to the financial and payments systems and FDIC insured deposits.
