Fintech & Ecommerce

EU approves Mastercard acquisition of Danish payment business

The European Commission has revealed its approval 

Mastercard Nets

EU approves Mastercard acquisition of Danish payment business. Source: shutterstock.com

The European Commission has approved the €2.85 billion acquisition of Nets’ account-to-account payment business by Mastercard.

The European Commission thinks the proposed transaction no longer raises competition concerns in the EEA.

Both companies were offered to transfer a global license to a suitable player to distribute, supply, sell, develop, modify, upgrade, or otherwise use Nets’ Realtime 24/7 technology.

Besides, the purchaser will have access to the licensed technology on an exclusive basis in the EEA and, on a non-exclusive basis, outside of the EEA.

The transfer also includes all necessary personnel and services, such as consultancy services and transitional support services.

Companies and citizens seek competitive and innovative payment solutions for their banking transactions. This merger, as originally notified, would have significantly reduced competition in the market for account-to-account core infrastructure services and undermined the development of new real-time payment solutions, which are becoming increasingly important. Today's decision ensures that effective competition is preserved and facilitates the emergence of a new provider of real-time payment infrastructure services in the European Economic Area
Executive Vice-President Margrethe Vestager

We’ve reported that over half of the European online businesses consider cross-border expansion within the EU increasingly difficult.

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