MasterCard to buy 92.4 percent of UK-based VocaLink for $920 mln

MasterCard said it had agreed to buy 92.4 percent of the UK-based VocaLink Holdings for about $920 million (£700 million) from Barclays, Royal Bank of Scotland and the Co-Operative Bank, after adjusting for cash and certain estimated liabilities.

VocaLink operates payments technology platforms on behalf of UK payment schemes.

A majority of VocaLinks shareholders will retain a 7.6 percent stake in the firm for at least three years, according to the terms of the deal, MasterCard said.

VocaLink's existing shareholders could get an additional $220 million, if certain performance targets are met, MasterCard said.

A woman walks past a Westpac bank advertisement in central Sydney, Australia.
Daniel Munoz | Reuters

Follow CNBC International on Twitter and Facebook.