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Capital One and NetSpend Terminate Acquisition Deal

Capital One will take a minority stake in NetSpend to better exploit strengths of both companies.

Capital One Financial and NetSpend Holdings announced that they have mutually agreed to terminate their previously announced acquisition agreement and that they have entered into a letter of intent to expand their existing strategic relationship. As part of the expanded strategic relationship, Capital One intends to acquire a minority stake in NetSpend, a retail marketer of prepaid debit cards, along with an option to purchase additional shares of the company. In addition, the parties expect that a Capital One representative will join the NetSpend board of directors. Together, the two companies intend to jointly pursue the distribution of prepaid card products through a variety of mainstream retail channels.

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