PayPal Holdings, Inc / iZettle AB merger inquiry

The CMA investigated the completed acquisition by PayPal Holdings, Inc. of iZettle AB.

From:
Competition and Markets Authority
Published
20 September 2018
Last updated
24 September 2019 — See all updates
Case type:
Mergers
Case state:
Closed
Market sector:
Financial services
Outcome:
Mergers - phase 2 clearance
Opened:
20 September 2018
Closed:
12 June 2019

Phase 2

Administrative timetable

Date of referral: 5 December 2018

Statutory deadline: 16 July 2019 (updated on 30.4.19)

Contact

general.enquiries@cma.gov.uk

Penalty notice

24 September 2019: The CMA has published a notice (dated 18 September 2019) of a penalty imposed on PayPal Holdings, Inc., PayPal (Europe) Sarl et Cie SCA and PayPal SE (jointly and severally PayPal) under section 94A of the Enterprise Act 2002. The CMA imposed the penalty for failures to comply, without reasonable excuse, with the requirements imposed on PayPal by the initial enforcement order issued by the CMA under section 72 of the Enterprise Act 2002.

Final report

Response to provisional findings

Provisional findings

30 April 2019: The CMA has provisionally cleared PayPal’s acquisition of iZettle.

Notice of extension of statutory period

Response to issues statement

Response to Phase 1 decision

Issues statement

15 January 2019: The issues statement sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions.

Evidence

The publication of the evidence of any party on the CMA’s webpages does not indicate in any way endorsement by the CMA of the views expressed in the evidence or acceptance of that evidence. Publication in this way is designed to assist public understanding of the issues.

Directions to appoint a monitoring trustee

On 24 December 2018, pursuant to an initial enforcement order dated 19 September 2018, the CMA directed PayPal Holdings, Inc to appoint a monitoring trustee.

Inquiry group appointed

17 December 2018: The CMA appointed Jeremy Newman and David Thomas to the Inquiry Group.

Kirstin Baker (Chair), Susan Hankey, Jeremy Newman and David Thomas.

5 December 2018: The CMA appointed the inquiry group.

Terms of reference

5 December 2018: The CMA has referred the completed acquisition by PayPal of iZettle for an in-depth investigation.

Phase 1

Statutory timetable

Phase 1 Date Action
26 November 2018 Decision announced
1 October to 12 October 2018 Invitation to comment
1 October 2018 Launch of merger inquiry
19 September 2018 Initial enforcement order

Reference decision

5 December 2018: The CMA has referred the completed acquisition by PayPal of iZettle for an in-depth investigation.

Reference unless undertakings accepted

26 November 2018: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has resulted or 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.

Invitation to comment: closes 12 October 2018

1 October 2018: The CMA is considering whether it is or may be the case that this transaction has resulted 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 has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

Launch of merger inquiry

1 October 2018: The CMA announced the launch of its merger inquiry by notice to the parties.

Initial enforcement order

On 19 September 2018, the CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on PayPal Holdings, Inc., PayPal SE and PayPal (Europe) Sarl et Cie SCA in relation to the completed acquisition by PayPal Holdings, Inc. of iZettle AB.

Amendments/consents granted:

Published 20 September 2018
Last updated 24 September 2019 + show all updates

  1. Penalty notice published.

  2. The full text of our provisional findings has been published.

  3. The summary of provisional findings, notice of provisional findings, notice of extension and revised administrative timetable have been published.

  4. The issues statement setting out the scope of our phase 2 investigation has been published.

  5. Reference decision published.

  6. Decision announced.

  7. Derogation published.

  8. Derogation published.

  9. Launch of CMA merger inquiry and invitation to comment issued.

  10. First published.

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