MasterCard has announced that it purchased the prepaid Card Program Management (CPM) operations of Travelex for US$458 million in cash, with an earn-out of up to an additional US$55 million if certain performance targets are met. MasterCard is acquiring the Travelex operations that manage and deliver consumer and corporate prepaid travel cards to business partners around the world, including financial institutions, retailers, travel agents and foreign exchange bureaus. These operations also manage cross-border payroll, per-diem and expense-management prepaid cards for corporations. MasterCard has no plans to issue cards directly as a result of this transaction. As part of the transaction,...

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