Denmark's news in English

Editions:  Europe · Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Danish payments company Nets strikes €2.85bn Mastercard deal

Share this article

Danish payments company Nets strikes €2.85bn Mastercard deal
Nets' headquarters in Copenhagen. Photo: Nets
18:54 CEST+02:00
US financial services company MasterCard has agreed to acquire Danish payment service company Nets' account-to-account payment business for €2.85bn ($3.19bn).
The acquisition includes "the clearing and instant payment services, and e-billing solutions," according to a statement published by Nets on Tuesday. 
 
"This deal strengthens our unique position as the one-stop partner for any bank, merchant or government's payment needs,"  Michael Miebach, chief product and innovation officer at MasterCard, said.
   
The transaction is subject to regulatory clearances and is expected to close in the first half of 2020.
   
Nets' CEO Bo Nilsson said that in order to expand Nets' payment solution beyond its existing "geographical footprint," it required the capabilities of a global leader.  
   
"With its resources and global reach, MasterCard is uniquely positioned to unlock the potential of Nets' account-to-account business," Nilsson said.   
 
Nets employs around 3,500 people and provides processing services to over 
240 banks, according to the company.
   
Last year Nets was acquired by Evergood 5, a firm controlled by the American private equity firm Hellman & Friedman.
   
Shares in Mastercard rose following the announcement, trading 2.7 percent higher at $263.78 in mid-morning New York Stock Exchange business.
 
Get notified about breaking news on The Local

Share this article

The Local is not responsible for content posted by users.
Become a Member or sign-in to leave a comment.

From our sponsors

VIDEO: Three surprising facts that will make you want to visit Malta

Game of Thrones has ended but it lives on in Malta! Find out how and learn two more unexpected facts about this little archipelago in the middle of the Med.