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Barclays and Brookfield close to £650m UK payments deal

Sarah Taylor by Sarah Taylor
March 7, 2025
in Business
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Barclays and Brookfield close to £650m UK payments deal
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Barclays is closing in on a £650m deal to offload control of its UK payments business to the Canadian investment giant Brookfield Asset Management after months of negotiations.

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Sky News has learnt that the two companies are in the final stages of talks about a transaction that will initially see Brookfield acquiring 10% of the UK bank’s merchant acquiring division.

Three years after the deal completes, Brookfield would then acquire a further 80% of the unit, leaving Barclays as a 10% shareholder.

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Unusually, the agreement being finalised would see Barclays injecting £400m into the payments division in order to fund investment in returning it to sustainable growth, sources said on Friday.

Barclays would also provide roughly £250m of regulatory capital required to secure approval for the deal, they added.

A deal could be announced as early as next week, although it is more likely to be publicly confirmed later this month, insiders said.

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The high street lender said in February 2024 that it was exploring a sale or partnership for the merchant acquiring division – one of the UK’s largest.

Estimates of the value of Barclays’ merchant acquiring arm have varied wildly, ranging from less than $1bn to $2.5bn.

The talks come with Barclays in a position of comparative strength under its chief executive, CS Venkatakrishnan.

Its shares have soared by more than 75% over the last year and now has a market capitalisation of over £44bn.

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Barclays and Brookfield declined to comment, although the bank has previously said: “As we confirmed at our February [2024] investor update, we are exploring a number of options for investment in our market-leading merchant acquiring business, including strategic partnerships.

“We will provide any further updates in due course.”

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