BREAKING NEWS
This content is not available in your region

UK competition watchdog probes Visa's acquisition of Earthport

UK competition watchdog probes Visa's acquisition of Earthport
FILE PHOTO: A Visa credit card is seen on a computer keyboard in this picture illustration taken September 6, 2017. REUTERS/Philippe Wojazer/Illustration   -   Copyright  PHILIPPE WOJAZER(Reuters)
Text size Aa Aa

(Reuters) – Britain’s Competition and Markets Authority on Friday said it was investigating Visa Inc’s planned acquisition of payment company Earthport Plc to gauge if the deal would reduce competition in the country.

Visa agreed to buy Earthport for about £247 million, edging out smaller rival Mastercard Inc in a bidding war.

Visa expects the deal to help expand its cross-border network service, a reason also cited by Mastercard for its interest in Earthport.

Earthport offers a lower-cost option to traditional payments systems by allowing banks and money transfer firms to have a single relationship instead of multiple ties with various payments channels around the world.

Payment processing has become one of the hottest areas for deal making in the last two years, driven by technological changes in the way consumers pay for products.

(Reporting by Arathy S Nair in Bengaluru)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.