Visa's Planned Purchase of Plaid Faces Antitrust Resistance at the Justice Department
October 27 2020 - 1:46PM
Dow Jones News
By AnnaMaria Andriotis, Brent Kendall and Peter Rudegeair
Visa Inc.'s $5.3 billion deal to buy a key player in the
financial-technology space is in jeopardy because of antitrust
concerns, according to people familiar with the matter.
The Justice Department could decide soon whether it will sue to
block Visa's acquisition of Plaid Inc., a firm that provides the
technological infrastructure underpinning an array of
next-generation financial apps. After spending the better part of
the year scrutinizing the deal, the department is concerned it
could limit nascent competition in the payments sector, people
familiar with the matter said.
The Justice Department has been making preparations for
potential litigation, including lining up potential witnesses for a
trial, some of the people said. No final decision has been
made.
Spokespeople for Visa, Plaid and the Justice Department declined
to comment.
Write to AnnaMaria Andriotis at annamaria.andriotis@wsj.com,
Brent Kendall at brent.kendall@wsj.com and Peter Rudegeair at
Peter.Rudegeair@wsj.com
(END) Dow Jones Newswires
October 27, 2020 13:31 ET (17:31 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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