The US DoJ requires divestiture of digital do-it-yourself tax preparation business for the merger of financial software companies to proceed (Intuit / Credit Karma)

Justice Department Requires Divestiture of Credit Karma Tax for Intuit to Proceed with Acquisition of Credit Karma* Divestiture Will Preserve Competition for Digital Do-It-Yourself Tax Preparation Products The Department of Justice announced today that it is requiring Intuit Inc. and Credit Karma Inc. (Credit Karma) to divest Credit Karma’s tax business, Credit Karma Tax, to Square Inc. in order for Intuit, the creator of TurboTax, to proceed with its $7.1 billion acquisition of Credit Karma. The department said that without this divestiture, the proposed transaction would substantially lessen competition for digital do-it-yourself (DDIY) tax preparation products, which are software programs used by American taxpayers to prepare and file their federal and state returns. The Justice

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US Department of Justice Antitrust Division, The US DoJ requires divestiture of digital do-it-yourself tax preparation business for the merger of financial software companies to proceed (Intuit / Credit Karma), 25 November 2020, e-Competitions November 2020, Art. N° 98253

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