SAO PAULO (Reuters) – The court of the Administrative Council for Economic Defense (Cade) approved on Wednesday the purchase of software provider Linx by payment means company Stone, without restrictions, understanding that the business does not represent risks to the market.
“The operation deserves to be approved without restrictions, as concluded by the SG (General Superintendence of Cade)”, said the case reporter, counselor Sergio Ravagnani, in a session broadcast online. He added that the companies do not have the capacity to close the market and that Linx is “not able to influence acquiring solutions contracted by customers” as a result of the transaction.
The transaction was objected to by rivals such as Cielo, Safra and Adyen, who cited, according to the reporter’s reading, that Linx’s software customers could be forced to migrate their payment solutions to Stone.
The acquisition of Linx, whose proposal was announced in August of last year, should transform Stone into an integrated software and payments provider at a time when new rivals and new technologies – such as the Pix instant payments platform, launched by the Central Bank – are transforming the payments industry in Brazil.
At 4:15 pm, Linx shares were down 0.2%, while Stone’s New York shares were down 2%. At the same time, the Ibovespa showed a drop of 0.5%.
(By Alberto Alerigi Jr.)
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