|
Decision 774/2022 | |
|---|---|
| File (PDF) | Decision 774/2022 |
| Date of Issuance of Decision | April 15th, 2022 |
| Issue Number of Government Bulletin | 5251/ Β΄/11.10.2022 |
| Relevant Market |
MerchantAcquiring, Card Acquiring Processing and Provision and Management of POS terminals |
| Subject of the Decision | Clearance of the proposed concentration, according to articles 5-10 of L. 3959/2011, consisting in the acquisition of sole control, over the Merchant Acquiring Business Unit of Eurobank S.A. by "Worldline S.A.", within the meaning of article 5(2)(b) of L. 3959/2011, following the relevant Opinion of the Case-Rapporteur, I. Stefatos. |
| Legal Framework |
Articles 6-8, L. 3959/2011 |
| Operative part of the Decision |
By its unanimous Decision, the Hellenic Competition Commission (HCC), in plenary, approves, under article 8(3) of L. 3959/2011, the proposed concentration consisting in the acquisition of sole control, within the meaning of article 5(2)(b) of L. 3959/2011, over the Merchant Acquiring Business Unit of Eurobank S.A. by "Worldline S.A.", according to articles 5-10 of L. 3959/2011, considering that this transaction, although it falls within the scope of article6(1) of L. 3959/2011, does not raise any serious concerns as to its compatibility with competition rules in the individual markets concerned. |
| Company(ies) concerned |
|
| Summary of Decision | According to the Decision, Eurobank is active in the upstream market of payment card acceptance services (Merchant Acquiring) and Worldline is active in the downstream market of data of processing services related to the acceptance of cards (Acquiring Processing), with a very small share.Worldline will now provide these services in the acquiringprocessing sectorof Eurobank.As a consequence, Eurobank will be the primary customer of Worldline on an exclusive basis and therefore the acquirer will not be able, through the specific concentration, to exclude other customers in this market. In the upstream market, the other national market players, large and equal in terms of market share, Euronet and New Sia, clearly have the potential to increase production in response to any production restriction by the new entity.Although there is intense competition in the market of the next level of Merchant Acquiring, as a large number of companies, are either vertically integrated (VIVA, National Bank of Greece), or able to turn to alternative inputs, in order to face a possible price increase by Worldline in the Acquiring Processing market.Further,competitive conditions in the markets for the manufacture, distribution, supply and management of POS terminals are not expected to change, and neither the ability nor the financial incentive for Worldline, through subsidiary Cardlink, to adopt an input foreclosure strategy, to the detriment of its competitors in the downstream market of Merchant Acquiring were identified.Cardlink will be able to operate as an independent service providerin the market for the provision and management of POS terminals after the completion of the transaction. |
| Judicial Means | - |
| Decisions by the Court of Appeal of Athens (Administrative Division) | - |
