Visa Abandons Plans to Acquire Fintech Firm Plaid Due to Regulator Pressure
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Financial services giant Visa has just announced it is abandoning its plans to buy the fintech firm Plaid.

According to the announcement that was shared by Visa yesterday, both companies have decided to end negotiations, a decision that comes a few months after the US Justice Department filed an antitrust suit against the acquisition.

The lawsuit was filed back in November by the authorities in order to stop the merger, since according to them, Visa is a monopolist in online debit due to the fact that it charges both consumers and merchants billions of dollars in fees every year to process online payments.

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According to the Department of Justice, Visa's intention is to "eliminate a nascent competitive threat" through the $5.3B acquisition.

Visa CEO and chairman Al Kelly said in a statement:

"We believe the combination of Visa with Plaid would have delivered significant benefits, including greater innovation for developers, financial institutions and consumers. However, it has been a full year since we first announced our intent to acquire Plaid, and protracted and complex litigation will likely take substantial time to fully resolve."

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