Clifford Chance (CC) has won its first major corporate instruction for MasterCard as the US financial services group moves to expand its e-commerce business in a £333m takeover.

The deal saw MasterCard acquire DataCash, a UK-based provider of electronic card and payment processing and chip and pin fraud management. The target instructed Denton Wilde Sapte.

CC fielded a team led by London-based corporate partner Lee Coney for MasterCard. Other senior lawyers acting included financial institutions partner Tim Page and antitrust partner Greg Olsen.

MasterCard, one of the world's largest payment processing businesses, has instructed the magic circle law firm for years but historically the focus of the relationship has been on antitrust matters, both in the US and Europe.

Coney commented: "This deal represents the first piece of significant M&A advice for [MasterCard] in the UK and we hope it signifies the start of an ongoing relationship with respect to future M&A mandates."

Dentons was instructed to advise regular client DataCash, with a team led by corporate co-head Jeremy Cohen and including corporate partner Candice Chapman.

Dentons has handled a number of corporate matters for DataCash in recent years, including its acquisitions of NetGiro Systems and Proc Cyber Services in 2007 and 2006 respectively.

Cohen commented: "DataCash is a valued client and has been one of the great successes of the [Alternative Investment Market] of recent years."

MasterCard said that the acquisition would help it expand its e-commerce business in new and existing markets. The deal comes as rivals like Visa and eBay's PayPal are moving to develop their online businesses.