June 5 (SeeNews) - Bulgaria's competition authority said it decided not to look into the proposed takeover of Bulgarian digital wallet technology developer Phyre by local fintech Paynetics - a decision that opens the way for the notified transaction to take place.
The acquisition of sole direct control over Phyre by Paynetics does not constitute concentration according to law, the Commission on Protection of Competition said in a statement last week.
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Phyre has a registered capital of 1.03 million levs ($562,701/ 526,630euro), according to documents published by the regulator. The capital of Paynetics amounts to 3.53 million levs. The buyer counts among its investors Dynamic Capital, the Bulgarian-American Credit Bank and the New Vision 3 fund.
Paynetics, which is an EU- and UK-licenced e-money institution offering embedded finance and digital banking solutions, sought clearance for the transaction in April.
(1 euro = 1.95583 levs)