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Britain refers Paypal-iZettle deal for in-depth review

Reuters 

(Reuters) - Britain's competition watchdog said on Wednesday that Holdings Inc's $2.2 billion takeover of Swedish financial technology startup would be referred for an in-depth review.

The (CMA) said had refused to offer proposals to address its concerns on how the deal, Paypal's biggest ever, could hurt competition and could lead to higher prices for customers, or worse quality of service.

The regulator had also flagged concerns surrounding competition in the emerging market for "omni-channel" as a result of the merger.

Paypal's acquisition of iZettle, which would allow the U.S. to expand into the business in international markets, closed in September.

The deadline for a final decision on the matter is May 21, 2019, the CMA said.

was not immediately available for a comment. U.S. markets are closed to mark former George H.W. Bush's death.

Founded in 2010, is one of the largest fintech startups to emerge from Europe, and one of a string of successful venture-backed companies to emerge from in the past decade or more.

(Reporting by in Bengaluru; Editing by Bernard Orr)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 05 2018. 18:17 IST
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