MasterCard International has reached an agreement in principle with the other shareholders of Mondex International to assume full ownership of Mondex International (MXI) and direct control of all of MXI's operations and management.
The proposed agreement, which is subject to the final approval by MXI shareholders, would increase MasterCard's ownership share from the current 58 per cent.
Under MasterCard's management, MXI will continue providing service to the Multos consortium - the open industry forum that manages the Multos smart card platform, which is MasterCard's preferred operating system for multi-application smart cards. MXI will also continue managing Mondex electronic cash and the Mondex Certification Authority and security infrastructure, in addition to providing ongoing support and services to the Mondex franchisees and licensees.
David Mills, general manager, HSBC Bank plc, says: "This agreement will streamline the governance and management of MXI's products and services, providing greater flexibility to meet the needs of MXI franchise holders in the rapidly-evolving marketplace."
The proposed acquisition is expected to close at the end of this month.