A MasterCard credit card is pictured next to a computer chip on a bank card in this photo illustration taken June 9, 2016. REUTERS/Maxim Zmeyev/Illustration

(Reuters) - MasterCard Inc said it would buy 92.4 percent stake in London-based VocaLink Holdings Ltd for about 700 million pounds as the world’s No.2 payment network provider looks to strengthen its presence in the UK market.

VocaLink offers payment processing services for UK payment schemes.

After the transaction closes, most of VocaLink’s current shareholders will together hold a 7.6 percent stake in the company for at least three years, MasterCard said.

The offer amount is adjusted for cash and some estimated liabilities.

VocaLink’s existing shareholders could get an additional $220 million (£166.6 million) if certain performance targets are met, MasterCard said.

If the deal closes early next year, it is expected to dilute earnings per share by 5 cents in 2017 and 2018, MasterCard said.

VocaLink Chief Executive David Yates will join MasterCard’s management committee after the deal closes.

The UK company’s shareholder Barclays Plc confirmed that it was selling a majority of its shares to MasterCard for 104 million pounds.

Other shareholders, Royal Bank of Scotland and Co-op Bank, said they expected to book profits of 150 million pounds and about 25 million pounds, respectively.