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MasterCard Adds Travelex Unit In $458M Deal

Law360 (December 9, 2010, 2:45 PM EST) -- MasterCard Inc. on Thursday added the prepaid Card Program Management operations of foreign exchange group Travelex in a deal totaling £290 million ($458 million) in cash.

The deal also includes a £35 million ($55 million) earn-out that will be paid out if certain performance targets are met.

MasterCard said the deal, expected to close in the first half of 2011, will be $0.04 dilutive to its 2011 earnings per share due to amortization and one-time transaction and integration costs. The Purchase, N.Y.-based company said it expects...
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