Visa & Plaid Call off $5.3 Billion Merger
Visa and the financial technology company - Plaid said Tuesday that they are to terminate their $5.3 billion merger agreement following a US government lawsuit aimed at stopping the transaction on antitrust grounds.
According to the US Justice Department, Visa is "a monopolist in online debit transactions" and the authority believes that the proposed agreement "would eliminate a nascent competitive threat" to that monopoly.
The deal was cancelled purely to avoid protracted litigation, commented Al Kelly - chairman and CEO of Visa: "We are confident we would have prevailed in court as Plaid's capabilities are complementary to Visa's, not competitive."
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