Mastercard (MA) will take a roughly 3% stake in Corpay's (CPAY) cross-border business under their expanded partnership, the companies said Tuesday.
Mastercard's $300 million investment in the unit represents an enterprise valuation of $10.7 billion, according to the companies.
They said that under their partnership, Corpay will be the exclusive provider of currency risk management and integrated large-ticket cross-border payments offerings to Mastercard's financial institution customers.
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