Mastercard offers concessions in bid to gain EU okay for Nets deal

July 28, 2020

BRUSSELS (Reuters) – Mastercard Inc has presented concessions in an attempt to handle EU antitrust problems about its prepared obtain of aspect of Scandinavian payments group Nets, in accordance to a European Fee submitting on Tuesday.

The U.S. payments team declared a offer previous August to obtain 3 divisions of European rival Nets, covering company clearing, instant payments and e-billing.

The EU’s level of competition enforcer has reported that the acquisition threatens to drastically have an impact on competition in the Nordic location, the European Economic Location and Britain.

It extended its scrutiny of the offer to Aug. 17 to let for feedback from rivals and prospects about Mastercard’s concessions but did not supply aspects of the supply.

The Commission can both crystal clear the deal based on the concessions, demand from customers more or open up a four-month very long investigation if it has really serious doubts.

(Reporting by Foo Yun Chee modifying by Jason Neely)