Intuit Will Ditch Credit Karma Tax Biz To Save $7.1B Deal

Law360 (November 25, 2020, 1:08 PM EST) -- Intuit will have to sell off Credit Karma's tax business to win the U.S. Department of Justice's blessing for its $7.1 billion acquisition of the credit reporting upstart, the agency revealed Wednesday.

Credit Karma's tax business will be spun off to fintech company Square, which rose in popularity with its portable card readers that allow small businesses to take payments via smartphone or tablet, according to the DOJ.

Intuit is already the owner of the wildly popular tax filing software TurboTax, and antitrust authorities were worried that competition for do-it-yourself tax services would be strangled if they allowed the merger to...

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