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NEW YORK (TheStreet) -- MasterCard (MA) has entered into an agreement to purchase Turkey's leading independent payment and processing provider, Provus, for an undisclosed amount. The acquisition, expected to close by year's end, is in line with MasterCard's strategy of increasing its presence in high-growth markets.
"Turkey continues to be a very exciting and growing market," said MasterCard Europe President Javier Perez in a statement. "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."
Europe accounts for around 25% of MasterCard's revenue, while the U.S. sees the majority at 40% of revenue.
Trifecta Stocks' Bryan Ashenberg and Bob Lang wrote in recent analysis that while a weakening technical outlook had them lowering their rating on the stock, the company's fundamental drivers remain intact (figures which include a 15% year-on-year revenue increase for the second quarter ended June 30).
MasterCard will report third-quarter earnings before the bell on October 31.
MasterCard shares are 2.7% higher to $675 as of 2:05 p.m. New York time. Mastercard shares have risen sharply this year, gaining 37.6% year-to-date, compared to the S&P 500 which has gained 18%.
TheStreet Ratings team rates MasterCard Inc as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation: