By Adam Clark

 

Visa Inc. (V) said Monday that it has bought a 9.9% stake in Earthport PLC (EPO.LN) as it looks to push through its takeover offer after winning a bidding war for the payments company against Mastercard Inc. (MA).

Visa said it bought 64.6 million Earthport shares at 37 pence each, equivalent to its latest offer price in February.

After adding irrevocable undertakings from Earthport shareholders, Visa said it currently has support for its offer representing 27% of the London-listed company's shares.

Visa's current offer for Earthport values the company at 247 million pounds ($321 million).

MasterCard said last week that it would let its own Earthport offer lapse after the American credit card giants waged a battle for the company in December.

 

Write to Adam Clark at adam.clark@dowjones.com

 

(END) Dow Jones Newswires

March 11, 2019 14:13 ET (18:13 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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