MasterCard is buying the company that runs the UK's ATMs for £700 million

MasterCard has signed a deal to buy 92.4% of London-based payments giant VocaLink for £700 million ($920 million).

The deal has long been touted and values London-based VocaLink at £757.57 million. VocaLink shareholders could get an extra a£169 million ($220 million) if performance targets are met.

VocaLink is a UK payments giant, running the country's entire ATM network, the BACS clearing network that enables direct credit and direct debit payments between bank accounts, and Faster Payments, the payments network that lets you make payments to and from accounts on the phone, mobile, and internet in real time.

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