DOJ Reaches Settlement To Allow Verifone-Hypercom Deal
04 Agosto 2011 - 5:10PM
Dow Jones News
The Justice Department on Thursday disclosed an antitrust
settlement that clears the way for VeriFone Systems Inc. (PAY) to
complete its proposed $485 million acquisition of Hypercom Corp.
(HYC).
As a condition of obtaining antitrust approval, the companies
will divest Hypercom's U.S. business to an entity sponsored by
Gores Group LLC, a private-equity fund, the department said.
In May, the department sued to block the merger, arguing that
the deal would harm competition in the market for payment terminals
used by retailers to accept credit and debit cards.
The two companies control more than 60% of the U.S. market for
point-of-sale terminals used by the largest retailers, the
department said.
The department said the proposed sale of the Hypercom assets
will create a significant and independent competitor in the U.S.
market.
The companies originally sought to address potential antitrust
concerns by agreeing to sell Hypercom's U.S. business to Ingenico
SA (ING.FR), the largest worldwide provider of such terminals.
However, the Justice Department in May said the proposed fix was
inadequate, noting that Ingenico was the only other significant
competitor to VeriFone and Hypercom in the U.S. market.
-By Brent Kendall, Dow Jones Newswires; 202-862-9222;
brent.kendall@dowjones.com
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