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Mastercard pays £290m for Travelex division

first_img MASTERCARD is buying the prepaid cash card business of foreign exchange group Travelex for £290m, boosting its presence in a fast-growing financial services segment.Mastercard said the transaction would be $0.04 (£0.025) dilutive to its 2011 earnings per share as a result of amortisation and integration costs. It added it could pay an extra £35m if the business meets certain performance targets.Travelex’s card programme management (CPM) division provides prepaid “cash passports” for overseas travellers to use at cash machines or to make purchases.MasterCard is the world’s second-largest credit and debit card processing company, behind rival Visa Inc. Both companies have said they plan to devote some of the billions of dollars of cash they have on hand to make acquisitions.Mastercard sees pre-paid cards as one of the fastest growing parts of the financial services industry, with volumes in this sector set to reach more than $840bn by 2017.“The acquisition of Travelex’s CPM operations underscores MasterCard’s commitment to the global prepaid business, which remains a key strategic focus for us,” said Ajay Banga, MasterCard president and chief executive.For Travelex, the transaction provides it with extra cash for its own expansion plans.The deal will not change the shareholding structure of Travelex, majority-owned by private equity group Apax and often touted as a potential candidate for a listing. alison.lock Thursday 9 December 2010 9:07 am More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPuffer fish snaps a selfie with lucky divernypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailWomenTales.com20 Pieces of Clothing Older Women should AviodWomenTales.comArticles VallyThis NBA Wife Turns Heads Wherever She GoesArticles VallyWork from Home | Search AdWork From Home for a USA company Might Be More Fun Than You ThinkWork from Home | Search AdStar BlvdThis Is The Woman Behind Tom Selleck’s SuccessStar BlvdAdviser.WikiWhat No One Tells You About The Most Expensive Dog BreedsAdviser.Wiki Sharecenter_img Mastercard pays £290m for Travelex division Show Comments ▼ whatsapp whatsapp Tags: NULLlast_img read more