Visa signs deal to purchase European open banking platform Tink for $2.15bn

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Payment technology giant, Visa Inc has revealed the signing of an agreement in move to purchase the European open banking platform, Tink. A deal which is expected to close at a fixed 1.8 billion euros ($2.15 billion) payment.

The company stated that the total financial consideration of 1.8 billion euros includes cash and retention incentives. It stated that despite its purchase, Tink will retain its brand and management team, and its headquarters will not be relocated from Stockholm.

Visa said that Visa will fund the transaction with cash on hand, and the acquisition will not have an impact on Visa’s previously announced stock repurchase plan or dividend policy.

In January of this year, Visa and the financial technology company Plaid cancelled their $5.3 billion merger agreement after the US government filed a lawsuit aimed at stopping the proposed transaction on antitrust grounds.