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MasterCard completes international business negotiations with UK firm

US firm will buy DataCash for £333m

19 August 2010

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.

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