UK regulator opens probe into Fidelity National's TSS acquisition
The UK Competition & Markets Authority on Tuesday said it has launched a merger inquiry into Fidelity National Information Services Inc’s planned acquisition of Total System Services LLC.
The regulator said it is assessing whether the deal could result in a ‘substantial lessening of competition’ in any UK market for goods or services.
The CMA said the statutory deadline for a phase one decision is December 24, though it may be extended in certain circumstances. The inquiry formally began on October 28, following an invitation to comment held between August 6 and August 20.
The investigation is separate from the CMA’s ongoing review of the proposed merger between Global Payments and WorldPay.
Columbus, Georgia-based Total System Services, or TSS, became part of Global Payments Inc in 2019. Jacksonville, Florida-based Fidelity National Financial, meanwhile, owns a 45% stake in WorldPay alongside private equity firm GTCR.
In May, Global Payments agreed to sell TSS to Fidelity National for $13.5 billion and to acquire WorldPay for a net purchase price of $22.7 billion.
Shares in Fidelity National Information Services closed 1.9% lower at $66.53 in New York on Monday. Global Payments shares closed marginally higher at $86.79.
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