MasterCard / VocaLink merger inquiry

The CMA investigated the anticipated acquisition by MasterCard UK Holdco Limited, an affiliate of MasterCard International Incorporated, of VocaLink Holdings Limited.

From:
Competition and Markets Authority
Published
17 October 2016
Last updated
31 May 2017 — See all updates
Case type:
Mergers
Case state:
Closed
Market sector:
Financial services
Outcome:
Mergers - phase 1 clearance with undertakings in lieu
Opened:
17 October 2016
Closed:
21 April 2017

Statutory timetable

Phase 1 date Action
11 April 2017 Undertakings in lieu of reference accepted
30 January 2017 Decision published
4 January 2017 Decision announced
17 October to 31 October 2016 Invitation to comment
17 October 2016 Launch of merger inquiry

Phase 1

Undertakings in lieu of reference accepted

11 April 2017: The CMA has accepted undertakings in lieu of reference for the anticipated acquisition by Mastercard UK Holdco Limited of Vocalink Holdings Limited. A copy of the undertakings and the decision are available below.

Extension of consideration of undertakings in lieu

13 March 2017: The CMA has extended the consideration of UILs until 15 May 2017.

Undertakings in lieu of reference consultation: Now closed

24 February 2017: We are consulting on proposed undertakings in lieu (UIL) of a reference for the anticipated acquisition by Mastercard UK Holdco Limited, an affiliate of MasterCard International Incorporated, of VocaLink Holdings Limited.

CMA to consider undertakings offered

18 January 2017: The CMA considers that there are reasonable grounds for believing that the undertakings offered by the parties, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002. A copy of the decision is available below.

Reference unless undertakings accepted

4 January 2017: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns. The full text of the decision is available below.

Notice of extension of the preliminary assessment period

Invitation to comment: Now closed

17 October 2016: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

Launch of merger inquiry

17 October 2016: The CMA has launched its phase 1 investigation following the European Commission’s decision to refer the case to the United Kingdom under Article 4(4) of the EC Merger Regulation.

Contact

Please send written representations about any competition issues to:

Karina Kucaidze
Competition and Markets Authority
Victoria House
Southampton Row
London
WC1B 4AD

[email protected]

Updates to this page

Published 17 October 2016
Last updated 31 May 2017 + show all updates

  1. Monitoring trustee appointment added.

  2. Undertakings in lieu acceptance decision published.

  3. Undertakings in lieu of reference accepted.

  4. Notice of extension published.

  5. Undertakings in lieu of reference consultation launched.

  6. Full text decision and decision that undertakings might be accepted added.

  7. CMA to consider undertakings announcement added.

  8. Decision announced: reference unless undertakings accepted.

  9. Notices published and timetable updated.

  10. Notices published and timetable updated.

  11. First published.

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