Visa Inc’s (NYSE:V) takeover of payment processor Earthport PLC (LON:EPO) has been declared unconditional after being waved through by the UK competition watchdog.
The Competition and Markets Authority issued a statement on Wednesday to confirm that it would not investigate the £247mln takeover.
READ: UK competition watchdog considering probe into Visa’s £247mln acquisition of Earthport
Visa International, a subsidiary of the US giant, quickly confirmed that, having received acceptance covering more than 75% of Earthport shares, all of the conditions of the takeover have now been satisfied and that the offer has become unconditional in all respects. The offer will remain open for acceptance until further notice.
After considering whether the deal would result in a substantial lessening of competition in relevant markets in the UK, the CMA said on Wednesday that it had decided that the agreed acquisition by Visa “does not qualify for investigation”.
The CMA had invited interested parties, including the two companies involved, for comments.
Visa in February beat Mastercard Inc (NYSE:MA) in the battle to snap up the UK payments specialist as it tabled a 37p-per-share bid, up from the 30p deal it originally posited and trumping its rival’s 33p offer.