Brookfield Asset Management and Barclays have entered a strategic partnership to grow Barclays’ payment acceptance business, previously called as its merchant acquiring business. Brookfield and Barclays plan to gradually turn this business into a standalone entity, the release said.

Barclays agreed to sell a majority stake in its U.K. payments acceptance business to Brookfield Asset Management under a long-term partnership which will see the unit become a standalone entity.

Barclays (BCS) and Brookfield Asset Management (BAM) announce a long-term strategic partnership to grow and transform Barclays’ payment