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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hypercom Corp | NYSE:HYC | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.56 | 0.00 | 01:00:00 |
The Justice Department on Thursday disclosed an antitrust settlement that clears the way for VeriFone Systems Inc. (PAY) to complete its proposed $485 million acquisition of Hypercom Corp. (HYC).
As a condition of obtaining antitrust approval, the companies will divest Hypercom's U.S. business to an entity sponsored by Gores Group LLC, a private-equity fund, the department said.
In May, the department sued to block the merger, arguing that the deal would harm competition in the market for payment terminals used by retailers to accept credit and debit cards.
The two companies control more than 60% of the U.S. market for point-of-sale terminals used by the largest retailers, the department said.
The department said the proposed sale of the Hypercom assets will create a significant and independent competitor in the U.S. market.
The companies originally sought to address potential antitrust concerns by agreeing to sell Hypercom's U.S. business to Ingenico SA (ING.FR), the largest worldwide provider of such terminals. However, the Justice Department in May said the proposed fix was inadequate, noting that Ingenico was the only other significant competitor to VeriFone and Hypercom in the U.S. market.
-By Brent Kendall, Dow Jones Newswires; 202-862-9222; brent.kendall@dowjones.com
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