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US-based GreenBox POS gets antitrust nod to buy Bulgaria's Transact Europe Holdings

US-based GreenBox POS gets antitrust nod to buy Bulgaria's Transact Europe Holdings Valeri Potapova/Shutterstock.com

SOFIA (Bulgaria), January 21 (SeeNews) - The acquisition of Sofia-headquartered Transact Europe Holdings by U.S.-based financial technology company GreenBox POS will not harm the competition environment, Bulgaria's anti-trust authority said.

The Commission for Protection of Competition (CPC) did not run a market analysis of the notified transaction as the combined turnover of the parties to the deal on the territory of Bulgaria did not exceed 25 million levs ($14.5 million/12.8 million euro) in the last concluded financial year, the Commission for Protection of Competition (CPC) said in a statement on Thursday.

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Through the tranasction GreenBox POS will acquire control of Transact Europe Holdings' subsidiary - electronic payments firm Transact Europe.

Greenbox POS will expand its capacity through the licences of Transact Europe, the CPC said.

Interested parties can challenge the regulator's decision before Sofia Region Administrative Court until February 4.

Last year, GreenBox POS said it has agreed to buy Transact Europe Holdings for 30 million euro ($34 million) in cash. The acquisition will allow GreenBox to expand its offerings, including merchant accounts, payment accounts, FX services and a host of other services to prospective European clients, the buyer said at the time.

Established in 1998, Transact Europe provides complete payment by offering acquiring, payment and prepaid services, serving hundreds of clients. The company is a principal level member of Visa, a worldwide member of MasterCard and a principal member of China UnionPay.

($ = 0.8815 euro)

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