Mastercard to Buy Stake in MTN’s $5.2 Billion Fintech Unit

MTN Group Ltd., Africa’s biggest wireless carrier, said Mastercard Inc. agreed to take a minority stake in its financial-technology business, which the company values at $5.2 billion. Shares rose as much as 10%.

The deal will be structured in two parts, including a commercial agreement on payments and remittance that uses Mastercard’s technology infrastructure to expand in Africa and the investment into a minority stake, MTN Chief Executive Officer Ralph Mupita said on a video call on Monday. The size of the stake will be disclosed when the deal closes, he said.