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Mastercard Inc. is set to acquire a minority stake in MTN Group Ltd.'s fintech division. The undisclosed stake is estimated at $5.2 billion.

(Bloomberg) -- 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%. Most Read from BloombergOutsider Milei Upends Argentina’s Election With Primary WinAmerica’s Fastest Growing City Is Embracing ‘Yellowstone’ ManiaZuckerberg Says ‘Time to Move On’ From Musk Cage FightGoldman Pencils In First Fed Rate Cut for Second Quarter of 2024US Steel

“Signing of the definitive investment agreements is expected to occur in the very near term,” MTN Chief Executive Officer Ralph Mupita said in a statement on Monday.

Mastercard has agreed to take a minority stake in the financial-technology business of MTN Group, the largest wireless carrier in Africa, which the latter values at $5.2bn. Shares in MTN rose as much as 10%, following the announcement. The deal will be structured in two parts: a commercial agreement to use Mastercard's technology infrastructure to develop MTN's offerings and the investment into a minority stake.

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