Mastercard in £333m deal for DataCash

City A.M. Reporter
MasterCard has agreed to buy British payment service provider DataCash Group for about £333m in cash to expand its e-commerce business.

MasterCard, which makes money from processing credit and debit card payments on its network, said it would pay 360 pence per share, representing a 54 per cent premium to DataCash's Wednesday close.

"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," MasterCard chief executive Ajay Banga said in a statement.

The deal is expected to be complete by the end of October