Visa, Plaid Call Off $5.3B Deal Following DOJ Challenge

Law360 (January 12, 2021, 4:39 PM EST) -- Visa has abandoned its proposed $5.3 billion purchase of Plaid, following a Department of Justice merger challenge alleging that the debit card giant was scooping up "a nascent competitive threat" to its dominance in online debit transactions in the U.S.

Visa has called off plans to buy Plaid in the face of efforts by the Department of Justice to stop the so-called killer acquisition. (AP Photo/Jenny Kane, File)

The parties had been scheduled for a late June trial that would have been only the second litigated challenge of a so-called killer acquisition in decades. DOJ Antitrust Chief Makan Delrahim called Tuesday's...

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