Mastercard (NYSE: MA) completed the acquisition of the majority of the Corporate Services business of Nets, a European PayTech company, having met the conditions set out by the European Commission in its approval in August 2020.
In August 2019, Mastercard (NYSE: MA) has entered into an agreement to acquire the majority of the Corporate Services businesses of Nets, for €2.85 billion (approximately US$3.19 billion).
The acquisition comprises the clearing and instant payment services, and e-billing solutions of Nets’ Corporate Services business. The addition of Nets technology and teams strengthens Mastercard’s existing account-to-account (A2A) capabilities.
Nets’ Corporate Services business operates both managed services and software license models in several European markets. It also has an established bill pay service in Norway and Denmark and a new Open Banking solution for banks, fintechs and third-party processors.
Have a look at the press release here