Visa Statement on Planned Acquisition of Plaid
Visa Inc. (NYSE:V) has responded strongly to the Department of Justice's (DOJ) attempt to block its acquisition of Plaid, asserting that the DOJ's actions are legally flawed. Visa emphasizes that Plaid is not a competitor in the payments space but a data network that enhances consumer financial management. The merger aims to provide consumers with improved digital experiences and greater access to financial-related services. Visa remains confident that the acquisition is beneficial for both consumers and competition within the industry.
- Acquisition will enhance consumer access to a broader range of financial services.
- Visa asserts the combination will improve digital experiences for consumers.
- Visa believes the transaction is beneficial for competition in the payments landscape.
- DOJ's attempt to block the acquisition creates legal challenges.
- Potential integration issues may arise post-acquisition.
SAN FRANCISCO--(BUSINESS WIRE)--Visa Inc. (NYSE:V) issued the following statement today regarding its planned acquisition of Plaid:
“Visa strongly disagrees with the Department of Justice (DOJ), whose attempt to block Visa’s acquisition of Plaid is legally flawed and contradicted by the facts. This action reflects a lack of understanding of Plaid’s business and the highly competitive payments landscape in which Visa operates. The combination of Visa and Plaid will deliver substantial benefits for consumers seeking access to a broader range of financial-related services, and Visa intends to defend the transaction vigorously.
As we explained to the DOJ, Plaid is not a payments company. Visa’s business faces intense competition from a variety of players – but Plaid is not one of them. Plaid is a data network that enables individuals to connect their financial accounts to the apps and services they use to manage their financial lives, and its capabilities complement Visa’s. Together, Visa and Plaid will deliver better digital experiences and more choice for consumers in managing their money and financial data. Visa is confident that this transaction is good for consumers and good for competition.”
