Bottomline Technologies (de), Inc / Experian Limited merger inquiry

The CMA is investigating the completed acquisition by Bottomline Technologies (de), Inc of Experian Limited’s Experian Payments Gateway business and related assets.

From:
Competition and Markets Authority
Published
23 May 2019
Last updated
18 March 2020 — See all updates
Case type:
Mergers
Case state:
Closed
Market sector:
Financial services
Outcome:
Mergers - phase 2 clearance
Opened:
23 May 2019
Closed:
18 March 2020

Phase 2

Administrative timetable

Date of referral: 21 October 2019

Statutory deadline: 5 April 2020

Contact

bottomline.experian@cma.gov.uk

Final decision

Responses to Provisional Findings

Provisional findings

18 February 2020: The CMA has provisionally found the completed acquisition by Bottomline Technologies (de), Inc of Experian Limited’s Experian Payments Gateway business and related assets does not raise competition concerns.

Responses to issues statement

Initial submissions

Issues statement

14 November 2019: The issues statement sets out the scope of the investigation. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions.

Inquiry group appointed

25 October 2019: The CMA has appointed the Inquiry Group.

Kirstin Baker (Group Chair), Robin Cohen, Paul Hughes and Karthik Subramanya

Disclosure of interests

Terms of reference

Phase 1

Phase 1 Date Action
8 November 2019 Decision published
7 October 2019 Decision announced
9 August to 23 August 2019 Invitation to comment
9 August 2019 Launch of merger inquiry
22 May 2019 Initial enforcement order

Reference decision

21 October 2019: The CMA has referred the completed acquisition by Bottomline Technologies (de), Inc of Experian Limited’s Experian Payments Gateway business and related assets for an in-depth investigation.

Reference unless undertakings accepted

7 October 2019: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

Invitation to comment: closes 23 August 2019

9 August 2019: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation has resulted or may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

These comments should be provided by the deadline set out above.

Launch of merger inquiry

9 August 2019: The CMA announced the launch of its merger inquiry by notice to the parties.

Unwinding order

6 August 2019: on 2 August 2019, the CMA served an unwinding order under section 72(3B) of the Enterprise Act 2002 (the Act) on Bottomline Technologies (de), Inc and Bottomline Technologies Limited in relation to the completed acquisition by Bottomline Technologies (de), Inc of Experian Limited’s Experian Payments Gateway business and related assets.

Directions to appoint a hold separate manager

19 July 2019: On 16 July 2019, the CMA directed Bottomline Technologies (de), Inc and Bottomline Technologies Limited, pursuant to the Initial Enforcement Order dated 22 May 2019, to appoint a hold separate manager.

Directions to appoint a monitoring trustee

10 June 2019: On 7 June 2019, the CMA directed Bottomline Technologies (de), Inc and Bottomline Technologies Limited, pursuant to the Initial Enforcement Order dated 22 May 2019, to appoint a monitoring trustee.

Initial enforcement order

On 22 May 2019, the CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on Bottomline Technologies (de), Inc and Bottomline Technologies Limited, in relation to the completed acquisition by Bottomline Technologies Limited of certain assets of Experian Limited.

Amendments/consents granted

Contact

Please send written representations about any competition or public interest to general.enquiries@cma.gov.uk.

Published 23 May 2019
Last updated 18 March 2020 + show all updates

  1. Final report published.

  2. Final decision and responses to provisional findings added.

  3. Derogations published.

  4. Full provisional findings report, appendices and glossary published.

  5. Provisional findings announced.

  6. Parties’ response to issues statement published.

  7. Initial submission published.

  8. Full administrative timetable published.

  9. Issues statement published.

  10. Full text of the phase 1 decision and decision to refer published.

  11. Inquiry group and disclosure of interests published.

  12. Derogations published.

  13. Reference decision announced and terms of reference published.

  14. Phase 1 decision announced: reference unless undertakings accepted.

  15. Launch of CMA merger inquiry

  16. Unwinding order published.

  17. Directions to appoint a hold separate manager published.

  18. Directions to appoint a monitoring trustee issued.

  19. First published.

Contents