Cardtronics / DirectCash Payments merger inquiry

The CMA investigated the completed acquisition by Cardtronics Holdings Limited of DirectCash Payments Inc.

• From: Competition and Markets Authority
• Published: 10 January 2017
• Last updated: 22 September 2017 — See all updates

• Case type: Mergers
• Case state: Closed
• Market sector: Financial services
• Outcome: Mergers - phase 2 clearance
• Opened: 10 January 2017
• Closed: 22 September 2017

Phase 2

Administrative timetable

Date of referral: 15.5.17

Statutory deadline: 27.10.17

Full administrative timetable (2.6.17)

Contact

general.enquiries@cma.gov.uk

Final report

• Final report (PDF, 1.3 MB) (22.9.17)
• Appendices and glossary (PDF, 1.4 MB) (22.9.17)
• Press release: CMA clears Cardtronics and DirectCash Payments merger (22.9.17)

Provisional findings

25 August 2017: The CMA has provisionally cleared Cardtronics’ acquisition of DirectCash Payments.

• Full provisional findings report (25.8.17)
• Appendices and glossary (25.8.17)
• Consumer survey technical note (5.9.17)
• Consumer survey data tables (25.8.17)
• Summary of provisional findings (25.8.17)
• Notice of provisional findings (25.8.17)
• Press release: CMA provisionally clears Cardtronics and DirectCash Payments merger (25.8.17)

Issues statement

7 June 2017: The issues statement sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions.

• Issues statement (7.6.17)

Evidence

The publication of the evidence of any party on the CMA’s webpages does not indicate in any way endorsement by the CMA of the views expressed in the evidence or acceptance of that evidence. Publication in this way is designed to assist public understanding of the issues.

Response to the phase 1 decision

• Cardtronics/Directcash (13.6.17)

Merger notice

• Merger notice (7.6.17)

Inquiry group appointed

18 May 2017: The CMA appointed the inquiry group on 17 May 2017.

Alasdair Smith (Chair), Rosalind Hedley-Miller and Gavin Robert.

Terms of reference

15 May 2017: The CMA has referred Cardtronics’ merger with DirectCash Payments for an in-depth investigation.

• Terms of reference (15.5.17)

Phase 1

Statutory timetable

Phase 1 date	Action
7 June 2017	Decision published
3 May 2017	Decision announced
3 March 2017	Launch of merger inquiry
13 February to 27 February 2017	Invitation to comment
6 January 2017	Initial enforcement order

Reference decision

• Reference decision (16.5.17)
• News story: ATM merger referred for full investigation (15.5.17)

Reference unless undertakings accepted

3 May 2017: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger 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. The full text of the decision is available below.

• Full text decision (7.6.17)
• News story: ATM merger faces in-depth investigation (3.5.17)

Launch of merger inquiry

3 March 2017: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement of initial period notice (3.3.17)

Invitation to comment: Now closed

13 February 2017: 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.

Initial enforcement order

6 January 2017: The CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on Cardtronics Plc, Cardtronics Holdings Limited, and DirectCash Payments Inc. in relation to the completed acquisition by Cardtronics Holdings Limited of DirectCash Payments Inc.

• Variation order (23.1.17)
• Initial enforcement order (as varied on 23 January 2017) (23.1.17)
• Initial enforcement order (10.1.17)

Amendments/consents granted

• Derogation 3 May 2017 (5.5.17)
• Derogation 9 February 2017 (13.2.17)

Published 10 January 2017
Last updated 22 September 2017 + show all updates

1. 22 September 2017

   Final report published.

2. 5 September 2017

   Consumer survey technical note added under ‘Provisional findings’.

3. 25 August 2017

   Full provisional findings report published.

4. 25 August 2017

   Summary of provisional findings report published.

5. 13 June 2017

   Response to the phase 1 decision published.

6. 7 June 2017

   Full text decision, merger notice and issues statement published.

7. 2 June 2017

   Timetable published.

8. 18 May 2017

   Inquiry group appointments added.

9. 16 May 2017

   Reference decision published.

10. 15 May 2017

    Reference decision announced and terms of reference published.

11. 5 May 2017

    Derogation published.

12. 3 May 2017

    Decision announced: reference unless undertakings accepted.

13. 3 March 2017

    Launch of merger inquiry.

14. 13 February 2017

    Derogation published and invitation to comment launched.

15. 23 January 2017

    Variation order and amended initial enforcement order published.

16. 10 January 2017

    First published.