MasterCard to buy 92.4 percent of UK-based VocaLink for $920 million

[July 21, 2016]  (Reuters) - MasterCard Inc <MA.N> said it had agreed to buy 92.4 percent of the UK-based VocaLink Holdings Ltd for about $920 million (700 million pounds), after adjusting for cash and certain estimated liabilities.

VocaLink operates payments technology platforms on behalf of UK payment schemes.

A majority of VocaLinks shareholders will retain a 7.6 percent stake in the firm for at least three years, according to the terms of the deal, MasterCard said.

VocaLink's existing shareholders could get an additional $220 million, if certain performance targets are met, MasterCard said.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza)

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