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Mastercard Offers EU Concessions In Nets Deal

By  |  July 28, 2020

Mastercard has offered concessions in an attempt to address EU antitrust concerns about its planned purchase of part of Scandinavian payments group Nets, according to a European Commission filing on Tuesday, July 28. 

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    The US payments group announced a deal last August to acquire three divisions of European rival Nets, covering corporate clearing, instant payments, and e-billing, reported Reuters. 

    The EU’s competition enforcer has stated that the acquisition threatens to significantly affect competition in the Nordic area, the European Economic Area, and Britain. 

    It extended its scrutiny of the deal to August 17 to allow for feedback from rivals and customers regarding Mastercard’s concessions but did not provide details of the offer. 

    The Commission can either clear the deal based on the concessions, demand more, or open a four-month long investigation if it has serious doubts.

    Full Content: Reuters

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