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Visa, Plaid Scrap $5.3 Billion Deal Amid U.S. Antitrust Suit

  • ‘We decided not to devote more time,’ Visa CEO tells analysts
  • DOJ says halting deal helps financial-technology innovators
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Visa Inc., facing a prolonged antitrust fight with the U.S. Justice Department, walked away from a proposed $5.3 billion acquisition of Plaid Inc. aimed at expanding the card network’s services.

The department sued to block the deal in November, accusing Visa of trying to buy the financial-technology firm to eliminate an emerging threat to its online debit business. Visa has said the government failed to provide “a shred of detail” about how Plaid’s products would ultimately compete with the payments behemoth.