CyberSource/Visa Merger Clears Regulatory Hurdles
July 12, 2010
CyberSource Corporation, a Mountain View, Calif.-based ecommerce payments processor and security company, announced recently that two federal agencies have cleared the way for its proposed merger with visa to proceed. The U.S. Department of Justice and Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) with respect to the planned acquisition, which was announced on April 21, 2010 ( CNP Report April 23, 2010 ). As a result, the requirement under the merger agreement for the expiration or termination of any waiting period under the HSR Act has been satisfied, according to a press release. The closing of the transaction still remains subject to other conditions in the agreement between the companies, including approval by CyberSource’s stockholders, which is expected to happen this month.