MasterCard completes international business negotiations with UK firm
US firm will buy DataCash for £333m
MasterCard has agreed to buy DataCash for £333 million following
rounds of international business negotiations with the UK firm.
The US company will pay 360 pence per share in cash for the
electronic payments provider, which represents a 53 per cent
premium on the current value of DataCash stock.
The online payment market has become increasingly lucrative and
MasterCard is seeking to expand its range of transaction options to
compete with rivals such as American Express and Visa.
Ajay Banga, MasterCard chief executive, said: "The acquisition
of DataCash will expand our already significant e-commerce merchant
gateway presence in Asia and Australia to European countries and
other high-growth, emerging markets worldwide."
DataCash developed a software interface which allows businesses
to process payments securely via the internet and offline.
MasterCard expect to complete the deal by the end of October and
aim to make a profit from the move in 2012.