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MasterCard acquisition of Travelex

Published on in Multi - News by

Payments company MasterCard has now completed the acquisition of the prepaid Card Program Management operations of UK-based non-bank wholesale foreign exchange supplier Travelex Holdings Ltd for an acquisition of $458 million.

"The acquisition of Travelex's CPM operations furthers the company's strategic business goals and strengthens the suite of global prepaid business assets.", MasterCard said.

MasterCard also said that it will allow to play a greater role in the prepaid value chain supporting issuers and partners, especially outside of the US and in the attractive cross-border payments space.

In December last year, MasterCard agreed to acquire prepaid Card Program Management (CPM) operations of Travelex for $458m in cash.

MasterCard has acquired the Travelex operations that manage and deliver consumer and corporate prepaid travel cards to business partners globally, including financial institutions, retailers, travel agents and foreign exchange bureaus.

These operations also manage cross-border payroll, per-diem and expense-management prepaid cards for corporations.

As part of the transaction, MasterCard and Travelex also signed a long-term contract whereby MasterCard will provide program management services for the Travelex Cash Passport prepaid card sold through Travelex stores and online channels.

The company also added that the acquisition will enable it to play a greater role in the prepaid value chain supporting issuers and partners, especially outside of the U.S. and in the attractive cross-border payments space.

In December last year, MasterCard announced the acquisition of prepaid Card Program Management, or CPM, operations of Travelex Holdings for 290 million pounds or $458 million in cash.

The deal also includes an earn-out of up to an additional 35 million pounds or $55 million if certain performance targets are met.

The acquisition includes the Travelex operations that manage and deliver consumer and corporate prepaid travel cards to business partners, including financial institutions, retailers, travel agents and foreign exchange bureaus.

MasterCard projects the deal to be $0.04 dilutive to its 2011 earnings per share due to amortisation and one time transaction and integration costs. For 2012, MasterCard expects the acquisition to be neutral and accretive beginning in 2013.

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