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Austria: Swiss buyout of payment card co needs extended review

By  |  April 17, 2013

Austria’s antitrust regulator has announced an extended review of a Switzerland-based financial services group’s takeover of Paylife, a payment card service provider based in Austria. SIX planned to acquire the company from four Austrian banks in a deal slated to be finalized by the middle of this year for a reported $131 million. Raiffeisen Zentralbank, Bank Austria , Erste Group and BAWAG collectively own most of Paylife. Authorities have referred the case to the Austrian cartel court for a phase-two review; it’s a move that could delay the transaction by up to five months. Exact terms of the deal have not been revealed. Despite the antitrust watchdog’s recognition that the deal could prevent collusion between the banks, the regulator stated that concerns remain.

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