TMS will be acquired by a wholly owned subsidiary of First Marblehead and will retain its identity, management and operations under the transaction, according to a company statement. The deal is expected to close before January 1, 2011.
TMS processes approximately $3.7 billion in tuition. The First Marblehead Corp. expects the acquisition to add $31 million in total revenues, to be cashflow positive during the first year and accretive to earnings in two years, the statement adds.
--Written by Maria Woehr in New York.
To contact the writer of this article, click here: Maria Woehr.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV