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Visa, Plaid call off US$5.3 billion deal


Visa, Plaid call off US$5.3 billion deal
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13 Jan 2021 12:30PM
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REUTERS: Visa and financial technology company Plaid said on Tuesday that they would terminate their US$5.3 billion merger agreement following a U.S. government lawsuit aimed at stopping the proposed transaction on antitrust grounds.
The U.S. Justice Department had sued to stop the deal in November, saying that Visa was a a monopolist in online debit transactions and that the proposed acquisition would eliminate a nascent competitive threat to that monopoly.
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The deal, which was proposed in January 2020, was scrapped to avoid protracted litigation, said Al Kelly, chairman and CEO of Visa Inc. ....

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