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25/04/2011 -
One of the largest payment processing companies recently made headlines after it announced the acquisition of a former competitor.In a statement, MasterCard International announced that it had completed a deal to purchase the prepaid card management function of Travelex. The firm said that the purchase would go a long way in its global business card strategy, as it looks to increase its global presence.
According to executives at MasterCard, the $458 million cash purchase will not cost any of the Peterborough, England, workers their jobs.
"We are very much invested in the future of this part of the business in Peterborough," Tim Murphy, MasterCard's chief product officer, said in an interview with Peterborough Evening Telegraph."This will continue to be the operations center and will be part of the community here. The quality of people here in Peterborough, and the very strong multi-lingual skills, are extremely high. It is just a very attractive place to run this business."
Many in Peterborough were positive about the recent acquisition, which MasterCard said would benefit the working community. Peterborough Chamber of Commerce President Iain Crighton said that the news was "absolutley brilliant" and that the communities future economic development would benefit.
