|[October 10, 2013]
MasterCard enters into agreement to acquire Provus - the leading independent Turkish payment solutions provider
PURCHASE, N.Y. --(Business Wire)--
MasterCard (News - Alert) (NYSE: MA) today announced that it has entered into an
agreement to acquire Provus Bilisim Hizmetleri A. S. ("Provus"),
Turkey's leading independent payment solution and processing provider.
The acquisition will build on MasterCard's strategy of increasing its
processing presence in high-growth markets and deliver superior
processing solutions and innovative value added services for both
financial institutions and customers in the emerging prepaid and mobile
payments space. This transaction, which is subject to regulatory
approval, is anticipated to close in the fourth quarter of 2013.
Founded in 2001 and headquartered in Istanbul, Provus's customer base
includes financial institutions, telecommunication service providers and
retailers. Provus's payments solutions business includes issuer and
acquirer processing, prepaid solutions and ATM processing services.
Commenting on the acquisition, Javier Perez (News - Alert), President MasterCard Europe
said: "The acquisition of Provus enables MasterCard to continue
developing innovative solutions to add value to our customers, and
increases our processing presence in Europe. Turkey continues to be a
very exciting and growing market and this acquisition provides an
important platform that will enable us to not only serve customers
locally but also to continue to deliver innovative payment solutions
across the region."
Tunc Dasar , CEO, Provus said: "Today's announcement represents an
exciting new chapter for our business, which has been delivering cutting
edge payment solutions and processing services for both traditional and
non-traditional customers in Turkey. We look forward to the future as
part of the MasteCard family and are focused on delivering innovation
in payment solutions and processing to the widest possible audience."
Terms of the deal were not disclosed.
(NYSE: MA), www.mastercard.com,
is a technology company in the global payments industry. We operate
the world's fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in more
than 210 countries and territories. MasterCard's products and solutions
make everyday commerce activities - such as shopping, traveling, running
a business and managing finances - easier, more secure and more
efficient for everyone. Follow us on Twitter (News - Alert) @MasterCardNews,
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Forward Looking Statements:
Statements in this press release which are not historical facts,
including statements about MasterCard's plans, strategies, beliefs and
expectations, are forward-looking and subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements speak only as of the date they are made.
Accordingly, except for the company's ongoing obligations under the U.S.
federal securities laws, the company does not intend to update or
otherwise revise the forward-looking information to reflect actual
results of operations, changes in financial condition, changes in
estimates, expectations or assumptions, changes in general economic or
industry conditions or other circumstances arising and/or existing since
the preparation of this press release or to reflect the occurrence of
any unanticipated events. Such forward-looking statements include,
without limitation, statements related to the Company's ability to:
get the regulatory approval to allow closing the transaction in the
fourth quarter of 2013; and
continue to grow its processing presence in Europe, serve customers
locally and deliver innovative payment solutions across the region.
Actual results may differ materially from such forward-looking
statements for a number of reasons, including those set forth in the
company's filings with the Securities and Exchange Commission (SEC (News - Alert)),
including the company's Annual Report on Form 10-K for the year ended
December 31, 2012, the company's Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K that have been filed with the SEC during
2013, as well as reasons including difficulties, delays or the inability
of the company to achieve its strategic initiatives set forth above.
Factors other than those listed above could also cause the company's
results to differ materially from expected results.
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