UK Prepaid Firm Altair Acquired By Scheffer

By MasterCard Worldwide , Visa Inc. and Visa Europe

Published April 03, 2009, 1:00 a.m. EDT

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Updated April 03, 2009, 12:00 a.m. EDT

1 Min Read

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An investor in United Kingdom-based prepaid card firm Altair Technologies Ltd. has taken over the company, an Altair spokesperson tells CardLine Global. The deal, announced Friday, makes Altair a wholly-owned subsidiary of the Scheffer Group. Financial terms were not disclosed. The Altair spokesperson says the prepaid firm's employees are expected to remain and that normal operations will continue. Altair operates about 40 prepaid card programs and has 30 more expected to go live in the next two or three months. Altair has both MasterCard- and Visa-branded cards. Altair issues cards through UK-based Newcastle Building Society. The deal takes effect immediately, the spokesperson says.

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