UPDATE [04/01/2017 15:11]: This transaction is under review by The Competition and Markets Authority (CMA). The firms must offer a solution by 11th January 2017 in order to avoid being referred for an in-depth investigation.
MasterCard Incorporated has acquired 92.4% of payments services company VocaLink Holdings for around £700m.
Based in London, VocaLink operates key payments technology platforms on behalf of UK payment schemes, including BACS, Faster Payments and LINK – the UK ATM network.
In 2015, the company reported revenues of £182m, having processed more than 11 billion transactions.
“We’re excited about the opportunity to play a bigger role in payments in the UK, a very strategic market for us,” said Ajay Banga, president and CEO of MasterCard.
“VocaLink is a unique company with outstanding technology, assets and people. We look forward to investing in and maximizing the technology, and embedding it in our products and solutions, both in the UK and around the world.”
David Yates, CEO of VocaLink, said his firm will continue to focus on making the UK’s payment systems “perform seamlessly”.
“At the same time, we’ll invest in further innovation to power competitive payments solutions for consumers and businesses around the globe,” he concluded.
Once the acquisition is complete, Yates will join the MasterCard management committee.