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Visa Chief Executive Officer Al Kelly told Chief Financial Officer Vasant Prabhu that the acquisition would be an “insurance policy” to protect the business, according to the complaint. Visa Inc., facing a prolonged antitrust fight with the Justice Department, walked away from a proposed $5.3 billion acquisition of Plaid Inc. aimed at expanding the card network’s services. Visa will no longer be buying fintech upstart Plaid, as the companies on Tuesday announced the "mutual termination" of the $5.3 billion agreement that was signed one year ago and opposed by U.S. antitrust regulators. Why it matters: This is more about the rising value of fintech companies than it is about the U.S. Justice Department. It also turns Plaid into a very appealing target for growth Visa’s Plaid acquisition is one of many high-profile deals that could face pressure from the DOJ this year. Credit Karma is reportedly in talks to sell its tax preparation business to Square to fend off antitrust concerns, according to the Journal.
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18 Jan 2021 The consumer credit giant was set to acquire Plaid for $5.3 billion, but antitrust claims from the Department of Justice have brought the deal to 13 Jan 2021 The Visa-Plaid deal was valued at $5.3 billion at the time of its New Laws Qualcomm Loses Fight With EU Antitrust Regulators Over Data. Visa (V) has ended its takeover efforts of Silicon Valley start-up Plaid about two months after the Department of Justice filed an antitrust lawsuit on grounds that it 13 Jan 2021 The $5.3 billion merger of Visa and Plaid, which was announced a year ago, has been called off in the wake of the DOJ's lawsuit. 12 Jan 2021 Visa's bid to acquire and merge with fintech unicorn Plaid has come to an end, months after the U.S. government filed an antitrust lawsuit. 12 Jan 2021 CHARLOTTE, N. C. (AP) — Visa Inc. on Tuesday called off its planned $5. 3 billion purchase of payment-processing technology company Plaid 13 gen 2021 Il “veto” dell'Antitrust americano spinge Visa a rinunciare all'acquisizione della start-up fintech Plaid.
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"The outcome of this case will decide how the financial services industry might ultimately 2020-11-05 · The Justice Department said in an antitrust complaint filed Thursday in federal court in San Francisco that the deal for Plaid would illegally extend Visa’s dominant position and should be stopped. Today, the Department of Justice filed a civil antitrust lawsuit to stop Visa Inc.’s $5.3 billion acquisition of Plaid Inc. Visa is a monopolist in online debit services, charging consumers and merchants billions of dollars in fees each year to process online payments.
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Visa's acquisition of Plaid Inc. reportedly has sparked U.S. Justice Department concern about competition, and the agency is close to deciding
Visa Inc.’s $5.3 billion deal to buy a key player in the financial-technology space is in jeopardy because of antitrust concerns, according to people familiar with the matter. The Justice
Visa Inc. has called off its planned $5.3 billion purchase of payment processing technology company Plaid, citing the Department of Justice’s antitrust lawsuit filed last year to block the deal
Visa's Plaid takeover faces antitrust scrutiny - WSJ. 27 October 2020 0 2 5 Visa to acquire Plaid for $5.3 billion. 14 January 2020
The Justice Department filed an antitrust lawsuit Thursday that seeks to block Visa Inc.’s $5.3 billion deal to acquire Plaid Inc., a key player in the financial-technology space. 2020-11-05
Visa Inc. on Tuesday called off its planned $5.3 billion purchase of payment-processing technology company Plaid, citing the Justice Department's antitrust lawsuit filed last year to block the deal. The DOJ's antitrust lawsuit over Visa's $5 billion Plaid deal could put fintech M&A through a 'cold shower,' according to lawyers and fintech execs. Jack Newsham and Yoonji Han. Nov 5, 2020, 12:27
The $5.3 billion deal between Visa and Plaid collapsed due to a government antitrust lawsuit.
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Plaid, a successful fintech firm, is developing a payments platform that would challenge Visa’s monopoly.
FILE- In this April 23, 2018, file photo, the logo for Visa appears above a trading post on the floor of the New York Stock Exchange. Visa Inc. on Tuesday, Jan. 12, 2021 called off its planned $5.3 billion purchase of payment-processing technology company
2021-01-12 · Visa Inc. and financial-technology startup Plaid announced Tuesday that they’ve terminated their plan to merge following antitrust pushback from the Department of Justice. Visa & Plaid’s Merger Blocked by DoJ Antitrust Suit The $5.3 billion merger of Visa and Plaid, which was announced a year ago, has been called off in the wake of the DOJ's lawsuit. by
Visa’s willingness to spend a hefty $5.3 billion on the Plaid acquisition stems from Visa’s need to protect its lock on the consumer-payment oligopoly (a market dominated by a very few powerful enterprises) by preventing FinTech startups from rendering Visa’s antiquated number-based credit-card payment platform obsolete with smarter innovative payment solutions.
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Visa is willing to pay $5.3 billion because it stands to lose even more money if Plaid emerges as a viable (Reuters) - Payment processor Visa Inc’s $5.3 billion deal to buy fintech startup Plaid Inc is facing antitrust scrutiny at the U.S. Justice Department, which filed a petition with a court on © TheStreet Visa Plaid Acquisition Sparks DoJ Antitrust Concern Shares of San Francisco-based Visa, which is scheduled to report fourth-quarter earnings on Wednesday, at last check were down 1.5% The Department of Justice filed an antitrust lawsuit to block Visa’s planned acquisition of fintech start-up Plaid, alleging it would limit competition in the industry. The attorneys cited Visa CEO CHARLOTTE, N.C. -- Visa Inc. on Tuesday called off its planned $5.3 billion purchase of payment-processing technology company Plaid, citing the Justice Department's antitrust lawsuit filed last year to block the deal.
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Visa Inc.'s $5.3 billion deal to buy a key player in the financial-technology space is in Visa Abandons Plaid Deal After Antitrust Concerns. The $5.3 billion deal between Visa and Plaid collapsed due to a government antitrust lawsuit. The U.S. Justice Department called Visa a “monopolist in online debit transactions.”. Regulators believed that this deal “would eliminate a nascent competitive threat” to Visa’s monopoly.