Visa, Plaid halt merger agreement
Visa and Plaid announced on Tuesday that they will not be entering into a merger agreement after the United States Department of Justice filed a lawsuit to block the deal.
“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,” Visa CEO Al Kelly said.
The two companies will continue to work together as partners and Visa may become an investor in Plaid, the companies noted.
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