CCP clears acquisition of Total System by Fidelity Information Services
- Total System Services offers card-processing systems and is engaged with two banks in local market
The Competition Commission of Pakistan (CCP) approved on Tuesday the acquisition of Total System Services LLC (TSYS) by Fidelity National Information Services Inc. (FIS) from Global Payments Inc, a CCP statement said.
FIS currently provides core banking software solutions in Pakistan, supporting the digital infrastructure of financial institutions. TSYS, meanwhile, offers card-processing systems and is engaged with only two banks in the local market, according to the statement.
“Since both entities operate in separate segments of the financial technology services sector and do not directly compete, the commission concluded that the proposed acquisition does not raise any competition concerns.
“The transaction is not expected to create or strengthen a dominant position, nor is it likely to substantially lessen competition in the relevant markets.”
The CCP cleared the merger under Section 31(1)(d)(i) of the Competition Act, 2010, which permits approval where no competition issues arise.
Last week, the commission authorised the transaction of Standpharm Pakistan (Private) Limited by Crest Garments International (Private) Limited.
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