Visa Inc. has decided to terminate its $53 billion acquisition plan for financial technology company Plaid Inc., according to an announcement from the Department of Justice(DOJ). DOJ filed a civil antitrust suit against the acquisition on November 5, 2020, alleging that the transaction will enable Visa to enhance or maintain its monopoly of online debit services. The case was originally scheduled to be heard in the U.S. District Court for the Northern District of California on June 28, 2021. As Visa and Plaid decided to terminate the acquisition plan, the DOJ has filed a Joint Stipulation of Dismissal.

By Mary Liu