The Turkish Competition Authority approves the acquisition of a company active in the FinTech sector (PayU / İyzico)

This case summary concerns an analysis of the Board’s PayU/iyzico decision, [1] in which the Board analysed the parties’ market powers in the financial technology (“ FinTech ”) market by applying different market share calculation methods and established the general principles for the assessment of market power for e-payment services. The Board unconditionally approved the acquisition of sole control over iyzi Ödeme ve Elektronik Para Hizmetleri A.Ş. (“ iyzico ”) by MIH PayU B.V. (“ PayU ”), which is ultimately controlled by Naspers Limited (“Naspers”), finding that the transaction would not result in the creation or strengthening of a dominant position in any product markets in Turkey, and, in any case, it did not have an appreciable effect or likelihood to impede competition in any product

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Authors

  • ELIG Gürkaynak Attorneys-at-Law (Istanbul)
  • ELIG Gürkaynak Attorneys-at-Law (Istanbul)

Quotation

Gönenç Gürkaynak, Onur Özgümüş, The Turkish Competition Authority approves the acquisition of a company active in the FinTech sector (PayU / İyzico), 5 September 2019, e-Competitions September 2019, Art. N° 96546

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