What’s in your wallet? Apparently not a NetSpend cash card.

Way back in August we reported on CapitalOne’s planned acquisition of NetSpend for $700M in cash. We kind of forgot about it, and figured it was a done deal by now. Today it’s announced that CapitalOne has called off the deal. They instead acquire a minority interest in NetSpend, with rights to buy more later, according to a Reuters report. Nobody seems to be talking about the deal falling apart, let alone the questions that it raises. As part of the deal, one of the Vikings from CapitalOne will be joining NetSpend’s board.

Why are these Austin deals falling apart during a holiday week. What’s next?

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Filed under: Deals