Mastercard Incorporated and Earthport PLC today published a Rule 2.7 announcement under the City Code on Takeovers and Mergers regarding an agreement on the terms of a recommended all cash offer by Mastercard UK Holdco Limited, an indirectly, wholly-owned subsidiary of Mastercard, for the entire issued and to be issued ordinary share capital of Earthport.
Under the agreement, which will be subject to the conditions and further terms set out in Appendix I of the announcement at investor.mastercard.com, Earthport shareholders will be entitled to receive 33 pence in cash for each Earthport share.
The acquisition values the entire issued and to be issued ordinary share capital of Earthport at approximately £233 million (approximately US$305 million) on a fully diluted basis.
With Mastercard’s experience as a global network, its bank distribution, technology and reach, including Mastercard Send and Vocalink’s faster payment capability, financial stability and brand, Mastercard UK Holdco believes Mastercard can complement and enhance Earthport’s existing capabilities and allow it to accelerate development of a more robust account-to-account cross-border network service.
Mastercard UK Holdco Limited is a private limited company incorporated in England and Wales. Further details in relation to Mastercard and Mastercard UK Holdco will be contained in the offer document at investor.mastercard.com.
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