MasterCard has purchased the prepaid Card Programme Management (CPM) operations of Travelex for £290m in cash, with an earn-out of up to an additional £35m if certain performance targets are met. The transaction is expected to close in the first half of 2011.
MasterCard is acquiring the Travelex operations that manage and deliver consumer and corporate prepaid travel cards to business partners around the world, including financial institutions, retailers, travel agents and foreign exchange (FX) bureaus. These operations also manage cross-border payroll, per-diem and expense-management prepaid cards for corporations. MasterCard has no plans to issue cards directly as a result of this transaction, but will provide programme management services for the Travelex Cash Passport prepaid card sold through Travelex stores and online channels.
“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 officer (CEO). “This acquisition enables MasterCard to play a greater role in the prepaid value chain, allowing us to shape the future of prepaid, especially in high-growth markets and in the attractive cross-border payments space where we can displace cash and traveller’s cheques.”
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