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Deals

EU approves Worldline purchase of Ingenico, subject to conditions

A logo of payments company Worldline is seen in the illustration picture taken February 3, 2020. REUTERS/Christian Hartmann/Illustration

BRUSSELS (Reuters) - The European Commission approved on Wednesday French payment company Worldline's WLN.PA 7.8 billion euro ($9.1 billion)acquisition of rival Ingenico INGC.PA, subject to conditions.

The Commission, which oversees competition policy in the 27-nation European Union, said that the merger proposed would have reduced competition in services facilitating in-store card payments in Austria, Belgium and Luxembourg.

The companies agreed to divest certain point-of-sale (POS) merchant acquiring services and POS terminal provision and management in the three countries to remove the market overlap and address the Commission’s concerns.

The sector has seen a wave of mergers and acquisitions led by U.S. rivals seeking to build up their share of digital transactions.

($1 = 0.8539 euros)

Reporting by Philip Blenkinsop

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