Justice Department Files Suit To Stop VeriFone Acquisition Of Hypercom
May 12 2011 - 2:40PM
Dow Jones News
The Justice Department filed an antitrust lawsuit Thursday to
block VeriFone Systems Inc. (PAY) from acquiring Hypercom Corp.
(HYC), arguing the deal would mean less competition in the market
for point-of-sale terminals.
The terminals are used by retailers to accept credit-card and
debit-card payments.
The department said the two companies control more than 60% of
the market for terminals used by the largest retailers.
The companies had sought to address potential antitrust concerns
by agreeing to sell Hypercom's U.S. business to Ingenico SA
(ING.FR). The Justice Department, however, said the proposed fix to
the merger proposal was inadequate.
-By Brent Kendall, Dow Jones Newswires; 202-862-9222;
brent.kendall@dowjones.com
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