In its biggest acquisition to date, Mastercard will buy Nets for €2.85 billion (US$3.19 billion). With the purchase of the Denmark-based payments platform, Mastercard is picking up an electronic billing platform that offers clearing and instant payment services, reported Reuters.
Mastercard announced on Tuesday, August 6, it would buy a majority of the corporate services businesses of Scandinavian payments group Nets for about €2.85 billion (US$3.19 billion) furthering its push into the Nordic markets.
The acquisition comprises of the clearing and instant payment services, and e-billing solutions of Nets’ corporate services business.
Growth in payment systems has kept deals rolling, even as merger moves in other sectors have stalled on concerns over trade tensions and a global economic slowdown.
The acquisition will be complementary to Mastercard Send and Transfast technologies that deliver cross-border payments to bank accounts, mobile wallets and cards, Mastercard stated.
Full Content: Reuters
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