Barclays to sell stake in British payments business to Brookfield

LONDON (Reuters) -Barclays has agreed terms for Brookfield Asset Management to buy most of its British payments business, the bank said on Thursday, ending a more than year-long effort to offload the business which processes payments for retailers. Under the complex terms of the deal, the two parties will create a standalone entity for the business, into which Barclays plans to invest approximately 400 million pounds ($528.2 million), Barclays said. The British bank remains the sole shareholder in that unit for the first three years, but Brookfield may acquire an approximately 70% ownership interest, the bank said, on top of its initial 10% stake, and subject to certain conditions.