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Visa to buy European open banking platform Tink for $2.15 billion

Reuters
·1 min read

June 24 (Reuters) - Payments technology company Visa Inc said on Thursday it had signed a deal to buy European open banking platform Tink and would pay 1.8 billion euros ($2.15 billion) for the acquisition.

The total financial consideration of 1.8 billion euros included cash and retention incentives, the company said. It said Tink would retain its brand and management team, and its headquarters would stay in Stockholm.

Visa would fund the deal from cash on hand and the acquisition would have no impact on Visa's previously announced stock buyback programme or dividend policy, it said.

In January, Visa and financial technology company Plaid called off their $5.3 billion merger agreement following a U.S. government lawsuit aimed at stopping the proposed transaction on antitrust grounds.

($1 = 0.8382 euros)

(Reporting by Kanishka Singh in Bengaluru; Editing by Edmund Blair)