UK Watchdog Probes Visa's Planned $5.3B Deal For Tech Co.

Law360, London (June 16, 2020, 5:55 PM BST) -- The U.K.'s competition enforcer said Tuesday it is launching an investigation into Visa's planned $5.3 billion bid to acquire financial technology company Plaid.

The Competition and Markets Authority said it is looking into whether Visa's latest strategic move would result in a "substantial lessening of competition" in the payments sector.

Visa announced in January it had agreed to acquire San Francisco-based Plaid, which connects fintech companies with their customers' bank accounts, in its latest tech-focused deal.

The move was Visa's latest effort to push into the fintech sector. The company had sought to ally itself with the new Facebook-backed cryptocurrency Libra, but it...

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