Statement Of Issues Released For Verifone Smartpay Clearance Application

The Commerce Commission has published a Statement of Issues relating to an application from Verifone New Zealand (Verifone) to acquire the assets used by Smartpay Holdings Limited (and its subsidiaries) to operate the Smartpay business in New Zealand (Smartpay) (the Proposed Acquisition).

The Statement of Issues outlines the Commission’s potential competition issues with the acquisition following its initial investigation. A Statement of Issues is not a final decision and does not mean that the Commission intends to decline or clear the merger.

The Commission is seeking submissions from Verifone and Smartpay and other interested parties on the issues raised in the Statement of Issues.

The Statement of Issues can be found on the case register.

Submissions can be sent by email to registrar@comcom.govt.nz with the reference “Verifone Smartpay” in the subject line.

Submissions are due by close of business 28 April 2020, with cross-submissions due by close of business 5 May 2020.

The Commission acknowledges that some interested parties may face a range of challenges during New Zealand’s COVID-19 response. This may impact their ability to submit in a meaningful way within these timeframes. If you would like to make a submission but face difficulties in doing so within the timeframe, please ensure that you register your interest with the Commission at registrar@comcom.govt.nz so that we can work with you to accommodate your needs where possible.

The Commission is currently scheduled to make a decision on the application by 15 May 2020. However, this date may be extended.

Background

We will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.

Further information explaining how the Commission assesses a merger application is available on our website.

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