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Spain: Verifone fined by CNC for un-notified buyout

By  |  November 1, 2012
Spain: Verifone fined by CNC for un-notified buyout

The CNC has issued a fine of 266,000 euros to Verifone over its failure to notify the competition authority of its acquisition of Hypercom before the deal was finalized and completed. The CNC found that the situation violated article 9.2 of the Spanish Competition Act. Verifone’s buyout of Hypercom was authorized by the CNC last year, but the concentration operation between Verifone and Hypercom had only made it through its first phase of approval in the CNC before Verifone acquired Hypercom in August of last year.

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