US sues VeriFone to block buyout of rival Hypercom
05/12, 6:55pm
Justice fears competition in POS market at risk
The US Department of Justice has filed a lawsuit seeking to block Verifone from gobbling up rival point-of-sale (POS) credit card information equipment vendor Hypercom. According to DOJ, the market is very concentrated. Verifone holds a 48 percent share of the US market, Hypercom, a 18 percent share, and French-based Ingenico 26 percent. Verifone had planned to sell off Hypercom's US operation to Ingenico, hoping that would pave the way for Governmental approval. However, the Justice department saw things differently.