Mastercard buys Nets unit in record deal

New York

MASTERCARD INC agreed to buy a payments platform owned by Denmark-based Nets for 2.85 billion euros (S$4.4 billion), using its biggest-ever acquisition to help extend a push into faster payments.

With the purchase, Mastercard is getting an electronic-billing platform and clearing and instant-payment services, according to a statement on Tuesday. The company said the purchase will hurt profit for as long as two years after it's completed, which is expected in the first half of 2020.