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Mastercard agrees £2.6bn deal to buy payment tech firm

by LLB Reporter
6th Aug 19 3:00 pm

Mastercard has agreed to buy part of the corporate services business of the European payment’s technology firm Nets for £2.6bn.

The deal will see Mastercard snap up the clearing, instant payment services, and e-billing solutions of the Net corporate arm.

Michael Miebach, chief product and innovation officer at Mastercard said, “This deal strengthens our unique position as the one-stop partner for any bank, merchant or government’s payment needs.”

Together, along with existing operations such as VocaLink the acquisition will boost the “real time payment capabilities innovation and expertise,” he added.

Bo Nilsson, group chief executive of Nets said, “With its resources and global reach, Mastercard is uniquely positioned to unlock the potential of Nets’ account-to-account business.”

The deal is expected to be completed in the first half of 2020.

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