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Paymark sale hits ComCom roadblock

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The $190 million sale of electronic payments provider Paymark to French multinational Ingenico is in doubt after the Commerce Commerce said it was concerned the deal could reduce competition.

Paymark is owned by the four main banks – ANZ, Westpac, ASB and BNZ – and provides processing services connecting electronic payment terminals between retailers and banks.

Its acquisition by Ingenico, a major supplier of payment terminals, was announced in January and in April the French company sought Commerce Commission clearance.

The competition regulator today issued a Letter of Issues setting out its initial view that Paymark’s........

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