- Sleet, ice, deepfreeze hit large swath of U.S.
- ‘Welcome to the edge of freedom’: Biden’s boots touch down in DMZ
- Obama: Hole U.S. ‘digging out of’ requires billions more in unemployment benefits
- Obama’s regulatory agenda will cost U.S. economy $143B next year: report
- Patriot Act author on James Clapper: Fire, prosecute him
- Russia P.M. Medvedev: No amnesty for political prisoners
- Michigan GOP Senate hopeful reminds government is the ‘servant’
- Christmas, by Congress: Members mull a 15-cent tax on trees
- U.S. unemployment falls to five-year low of 7 percent; 203K jobs added
- World mourns Nelson Mandela and celebrates his life; burial set for Dec. 15
Verifone, Hypercom abandon unit sale to Ingenico
WASHINGTON (AP) - VeriFone Systems Inc., Hypercom Corp. and Ingenico SA have abandoned plans for Hypercom to sell its U.S. payment systems business to Ingenico SA in order to alleviate antitrust concerns about VeriFone’s proposed purchase of the rest of Hypercom.
The three electronic payment systems providers abandoned the planned transaction a week after the Justice Department sued to block both VeriFone’s purchase of Hypercom and the sale of Hypercom’s U.S. business to Ingenico.
The agency said the deals would harm competition and drive up prices in the market for point-of-sale terminals in the U.S. Such terminals are used by retailers and other firms to accept electronic payments with credit and debit cards.
The lawsuit to block the deal between VeriFone and Hypercom is still pending, and the two companies are in discussions with Justice Department officials to find an alternate suitor for Hypercom’s U.S. operations that would be acceptable to the government. In a filing with the Securities and Exchange Commission, VeriFone said it believes the purchase of Hypercom will be completed in the second half of the year.
VeriFone Systems, based in San Jose, Calif., announced plans to buy Hypercom of Scottsdale, Ariz., in November in an all-stock deal valued at about $485 million, including $65 million of debt. And last month, Hypercom said it would sell its U.S. payment systems business to France’s Ingenico for $54 million in cash to ease antitrust concerns about the deal with VeriFone. VeriFone would then acquire Hypercom’s remaining operations, including its networking products business.
But that did not satisfy the Justice Department since the three companies together account for more than 90 percent of all point-of-sale terminals in the United States. The sale of part of Hypercom’s business to Ingenico, the Justice Department said in a suit filed in U.S. District Court in Washington, D.C., would not create a new, independent competitor in the market and would make it easier for VeriFone and Ingenico to coordinate pricing for point-of-sale terminals.
- Obama: Hole U.S. 'digging out of' requires billions more in unemployment benefits
- Bill OReilly reminds: Nelson Mandela was a communist
- Obama administration issues permits for wind farms to kill more eagles
- PRUDEN: British press horrified as London's new mayor dares to proclaim the truth
- Snow storm sucker punch: U.S. hit by winter wave
- Spike in battlefield deaths linked to restrictive rules of engagement
- Dick Cheney: Family feud over gay marriage has been 'dealt with'
- Craigslist killers: Police say newlyweds stabbed man for thrills
- Obama tries to calm Israeli fears over Iranian nuke deal 'not based on trust'
- Rush Limbaugh: Obama trying to make Mandela death about himself
Independent voices from the The Washington Times Communities
Get in the middle of all the action inside and outside the boxing ring.
Opinion, analysis, and musings on politics, pop culture, reinvention, and the resultant flotsam and jetsam floating around the right-of-center quadrant of the Left Coast.
The cold hard truth about politics in America today and the state of this once great nation.
Find the latest news and happening that effect those in the Washington D.C., Northern Virginia and Maryland Metro region.
White House pets gone wild!