Monday, July 22, 2024

Visa drops $ 5.3 billion acquisition after DOJ objections

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Visa has abandoned its Supply of $ 5.3 billion to acquire the Fintech Plaid start-up. In one ad On Tuesday, the US Department of Justice said the two companies had agreed to call off their merger. The agency filed a lawsuit to block the deal last November, alleging at the time that, if accepted, it would have allowed Visa to eliminate the startup as a “competitive threat to its business.” debit online before Plaid has a chance to succeed. ”

In one Press release Confirming the news, Visa said she believed she could have won the case, which was due to go to court in June. “We are confident that we would have prevailed in court, as Plaid’s capabilities are complementary to Visa’s, not competitive,” said Al Kelly, CEO and President of Visa. “However, it was a year since we first announced our intention to acquire Plaid, and a long and complex litigation will likely take a long time to resolve.


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