The deal will help MasterCard play a more important role in the UK payments ecosystem
MasterCard has entered into a definitive agreement to acquire 92.4% of UK-based payment systems company VocaLink Holdings Limited for £700m €842.28m, $929.37m .
The American cards issuer announced the same on Thursday 21 July and added the deal was subject to regulatory approvals and other customary closing conditions.
A press release by MasterCard further revealed that VocaLink's existing shareholders had the potential to earn up to an additional £169m on meeting certain performance-based targets.
It was also stated that a majority of VocaLink's shareholders would hold the remaining 7.6% stake for a minimum of three years.
The acquisition of VocaLink, which is owned by 18 banks and building societies including Lloyds Banking Group, Barclays, HSBC and RBS, will help MasterCard play a more important role in the UK payments ecosystem.