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Mastercard swoops for Britain's ATM operator Vocalink Mastercard swoops for Britain's ATM operator Vocalink
(35 minutes later)
The business that controls Britain's cash points has been sold, in the second major UK company takeover by an overseas buyer this week.The business that controls Britain's cash points has been sold, in the second major UK company takeover by an overseas buyer this week.
Vocalink is being bought by America's Mastercard for up to £869m.Vocalink is being bought by America's Mastercard for up to £869m.
The company controls Link, the country's network of ATM machines,The company controls Link, the country's network of ATM machines,
It also operates Bacs, the automated clearing house which processes direct debits, and the company is owned by a number of major banks including Barclays, Lloyds and HSBC.It also operates Bacs, the automated clearing house which processes direct debits, and the company is owned by a number of major banks including Barclays, Lloyds and HSBC.
It is this week's second major technology takeover offer.It is this week's second major technology takeover offer.
On Monday, Softbank announced it had made a £24.3bn offer for Cambridge-based chip designer Arm Holdings.On Monday, Softbank announced it had made a £24.3bn offer for Cambridge-based chip designer Arm Holdings.
The proposed deal from Softbank, the Japanese telecoms giant, sparked concerns that British companies were now takeover targets following the post-Brexit slump in the pound to a 31-year low.The proposed deal from Softbank, the Japanese telecoms giant, sparked concerns that British companies were now takeover targets following the post-Brexit slump in the pound to a 31-year low.
'Not opportunistic'
A spokesperson for Vocalink, which is chaired by the Bank of England's former deputy governor Sir John Gieve, said the payment technology system operator had been in talks with Mastercard for eight months.A spokesperson for Vocalink, which is chaired by the Bank of England's former deputy governor Sir John Gieve, said the payment technology system operator had been in talks with Mastercard for eight months.
She denied it was an opportunistic move because of the falling value of sterling.She denied it was an opportunistic move because of the falling value of sterling.
Performance targets The new Chancellor of the Exchequer, Philip Hammond, said the Vocalink deal "shows that Britain remains an attractive destination for international investors".
Earlier this year, the Payment Systems Regulator (PSR) recommended that the banks should loosen their grip on the country's payment systems because their ownership was hampering competition and innovation.Earlier this year, the Payment Systems Regulator (PSR) recommended that the banks should loosen their grip on the country's payment systems because their ownership was hampering competition and innovation.
Mr Hammond said: "The Payment Systems Regulator recommended the UK's biggest banks sell their stakes in Vocalink to improve banking competition in the UK which will deliver clear benefits for challenger banks, fintechs (financial technology companies), UK consumers and small businesses."
Mastercard is buying 92.4% of Vocalink and the remaining stake will be held by the banks for at least three years.Mastercard is buying 92.4% of Vocalink and the remaining stake will be held by the banks for at least three years.
Mastercard will pay £700m and an additional payment of up to £169m, depending on whether certain performance targets are met. Vocalink's spokesperson declined to detail what the targets were.Mastercard will pay £700m and an additional payment of up to £169m, depending on whether certain performance targets are met. Vocalink's spokesperson declined to detail what the targets were.
She added that it had been in touch with the Treasury, the Bank of England and the PSR about the deal.She added that it had been in touch with the Treasury, the Bank of England and the PSR about the deal.