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.
Price: 535.55, Change: +1.05, Percent Change: +0.20
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.