Merchant acquirer is acquired: TransFirst withdraws US IPO followng sale to TSYS for $2.35 billion

TransFirst Holdings, which provides electronic payment processing to small and medium-sized businesses, withdrew its plans for an initial public offering on Friday. It originally filed in October 2015 with a proposed deal size of $100 million.

Competitor First Data (FDC) raised $2.6 billion in October 2015 in the year's largest IPO. Since then, it has declined about 20% below its offer price.

The Hauppauge, NY-based company was founded in 2007 and booked $1.5 billion in sales for the 12 months ended September 30, 2015. It had planned to list on the Nasdaq under the symbol TF. Goldman Sachs, J.P. Morgan, Credit Suisse, Barclays, Deutsche Bank, Citi, Jefferies, RBC Capital Markets and Wells Fargo Securities were set to be the joint bookrunners on the deal.