Mastercard to buy Nets' corporate services business for €2.85bn

Mastercard has agreed to buy the majority of the corporate services businesses of Scandinavian payments company, Nets, for €2.85bn.

The deal includes Nets' clearing and instant payments services, along with the e-billing solutions of its corporate services business.

Mastercard said the addition of Nets’ technology and teams strengthens its existing account-to-account capabilities. It said that following the acquisition, its "best-in-class real-time payment assets will provide unrivalled capabilities across three principal areas".

Michael Miebach, chief product & innovation officer at Mastercard, said: "The global opportunity for real-time payments is accelerating. This deal strengthens our unique position as the one-stop partner for any bank, merchant or government’s payment needs.

"The combination with existing Mastercard assets such as Vocalink, Transfast and Transactis delivers real-time payment capabilities, innovation and expertise that are truly differentiated."

The deal, which is expected to close in the first half of next year, is expected to be dilutive for up to two years after it closes, primarily due to purchase accounting and integration related costs.