Mastercard Inc. (MA) - Get Report , the payments-processing network, agreed to pay 2.85 billion euros, or $3.2 billion, to acquire the majority of the corporate-services business of Nets, a European payments-technology company.
The deal includes the clearing and instant payment services and e-billing solutions of Nets' corporate-services business, according to a press release on Tuesday morning from Purchase, New York-based Mastercard. Shares of Mastercard were rising 2.4% to $263.00 in pre-market trading on Tuesday.
"The global opportunity for real-time payments is accelerating," Michael Miebach, chief product and innovation officer, said in the press release.
According to Mastercard, real-time payments provide a "smarter and faster alternative" to traditional bank money transfers, cash and checks.
Mastercard's share price is up 36% this year, three times the level of gains in the S&P 500.
The company has made at least seven acquisitions so far in 2019, including additions to its bill-payment capabilities through the purchase of Transactis in May.
The acquisition from Nets is expected to close in the first half of 2020 and will likely be dilutive for up to two years after the deal closes. The dilution is primarily related to purchase accounting and integration related costs, according to the press release.