Belfast Telegraph

Mastercard gets go-ahead to buy payments firm VocaLink

By Kalyeena Makortoff

Britain's competition watchdog has approved Mastercard's £700m takeover of UK-based payment processor VocaLink, saying the companies have addressed antitrust concerns.

It follows a formal consultation by the Competition and Markets Authority, which found that the package of measures offered by the two firms was "sufficient" and the deal no longer required an "in-depth merger investigation".

The two companies set out a number of proposals, including VocaLink making its connectivity infrastructure available to a new supplier of infrastructure services to the LINK network of cash machines.

Mastercard has also pledged to "contribute to the cost" of LINK members having to switch to a new supplier. Mastercard said it will be working to close the deal within the next few weeks.

Mastercard's chief product officer Michael Miebach said: "Adding bank account-based payments alongside our card network extends what we can do and how we can do it."

Belfast Telegraph

Popular

From Belfast Telegraph