MasterCard Inc. acquired nearly all of VocaLink Holdings Ltd., a payment systems company that handles most of the United Kingdom”™s payroll and bill processing.
For around $920 million, MasterCard purchased 92.4 percent of the London-based company in all-cash deal. Under the agreement, a majority of VocaLink”™s shareholders will retain a 7.6 percent ownership for at least three years and, if performance targets are met, Mastercard said shareholders have the potential for an earn-out of another $220 million.
Purchase-based MasterCard said this acquisition accelerates its efforts to be “an active participant in all types of electronic payments and payment flows.”
“We”™re excited about the opportunity to play a bigger role in payments in the U.K., a very strategic market for us,” said Ajay Banga, president and CEO of MasterCard.
