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Intuit Inc. . , the software company behind TurboTax, won U. . S.. . antitrust approval for his $ 7. 1 Billion Acquisition of Credit Karma Inc’s personal finance website. .
The Justice Department announced Wednesday that it would close the deal after Credit Karma agreed to sell its tax business to Square Inc. For sale. for $ 50 million to address government concerns about competition in do-it-yourself tax products.
San Francisco-based Credit Karma has attracted more than 100 million users through free credit scores since its inception in 2007. The financial technology startup offers other services, including the ability to apply for a credit card, find a car loan, or open a savings account.
The Justice Department said Credit Karma’s tax business, which does not charge any fees on its products, has become a disruptive competitor for TurboTax. The sale to Square would continue the competition.
« Today’s divestment of Square, another hugely successful and disruptive fintech company, ensures taxpayers continue to benefit from this competition as well as new innovative financial services offerings from Intuit and Square, » said Makan Delrahim, head of Antitrust Department said in a statement.
Credit Karma, Intuit, Finance, Square, NASDAQ: INTU
EbeneMagazine – CA – TurboTax Maker Intuit wins U. . S.. . Antitrust nod for credit karma
. . Related Title :
– TurboTax Maker Intuit wins US antitrust law for Credit Karma
– Intuit and Credit Karma Received Approval from Justice Department to Purchase Credit Karma
– Intuit, Credit Karma Reaches Agreement with DOJ to Close $ 7. 1 billion merger
– square to buy a credit karma tax Tax for $ 50 million, expanding reach
– US Closes Intuit&’s $ 7 Billion. Deal for Credit Karma after the sale from
– Credit Karma to Divest Control Unit for $ 7 Offsetting. 1B Merger with Intuit
– Justice Department Forces Intuit To Divest Loans Karma& # 39 ; s Tax Biz To Square
– Square to acquire the tax business from Credit Karma& # 39; to expand the Cash App
– Cash App Announces Final Agreement to Acquire the Credit Karma Tax Tax known
– square to add the Credit Karma tax to the Cash app; stocks go up 4. 5%
Ref: https://www.bloomberg.com
