MasterCard / VocaLink merger inquiry
Source: gov.uk (2025-06-03)

The CMA investigated the anticipated acquisition by MasterCard UK Holdco Limited, an affiliate of MasterCard International Incorporated, of VocaLink Holdings Limited.

Statutory timetable

Phase 1

Undertakings in lieu of reference accepted

11 April 2017: The CMA has accepted undertakings in lieu of reference for the anticipated acquisition by Mastercard UK Holdco Limited of Vocalink Holdings Limited. A copy of the undertakings and the decision are available below.
- UIL acceptance decision (https://assets.publishing.service.gov.uk/media/58f9ea0a40f0b606e70001b3/decision-for-final-acceptance-of-uils.pdf) (21.4.17)
- Final undertakings (https://assets.publishing.service.gov.uk/media/58eb4b70e5274a06b300012e/mastercardvocalink-uils-final-undertakings.pdf) (11.4.17)
- News story: CMA accepts Mastercard/VocaLink undertakings (https://www.gov.uk/government/news/cma-accepts-mastercardvocalink-undertakings) (11.4.17)
- Appointment of monitoring trustee (PDF, 121KB) (https://assets.publishing.service.gov.uk/media/683dc223a9b2749a8095e081/Mastercard_Vocalink_appointment_of_monitoring_trustee.pdf) (3.6.25)
Extension of consideration of undertakings in lieu

13 March 2017: The CMA has extended the consideration of UILs until 15 May 2017.
- Notice of extension (https://assets.publishing.service.gov.uk/media/58c6684f40f0b67ec5000172/mastercard-vocalink-notice-to-extend-uil-period.pdf) (13.3.17)
Undertakings in lieu of reference consultation: Now closed

24 February 2017: We are consulting on proposed undertakings in lieu (UIL) of a reference for the anticipated acquisition by Mastercard UK Holdco Limited, an affiliate of MasterCard International Incorporated, of VocaLink Holdings Limited.

Notice of consultation (https://assets.publishing.service.gov.uk/media/58b03755ed915d603800006d/mastercard-vocalink-notice-of-consultation-on-uils.pdf) (24.2.17)

Proposed undertakings (https://assets.publishing.service.gov.uk/media/58b02224e5274a2a5f00007a/mastercard-vocaLink-uils-for-consultation.pdf) (24.2.17)

News story: CMA consults on Mastercard’s proposed undertakings (https://www.gov.uk/government/news/cma-consults-on-mastercardvocalink-undertakings) (24.2.17)

CMA to consider undertakings offered

18 January 2017: The CMA considers that there are reasonable grounds for believing that the undertakings offered by the parties, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002. A copy of the decision is available below.

Decision that undertakings might be accepted (https://assets.publishing.service.gov.uk/media/588f264240f0b65934000038/mastercard-vocalink-final-decision-that-uils-might-be-accepted.pdf) (30.1.17)

News story: CMA to consider Mastercard/VocaLink remedies (https://www.gov.uk/government/news/cma-to-consider-mastercardvocalink-remedies) (18.1.17)

Reference unless undertakings accepted

4 January 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 (https://assets.publishing.service.gov.uk/media/588f2c1fed915d4535000041/mastercard-vocalink-ftd.pdf) (30.1.17)

Press release: Competition concerns over Mastercard/VocaLink merger (https://www.gov.uk/government/news/competition-concerns-over-mastercardvocalink-merger) (4.1.17)

Notice of extension of the preliminary assessment period
- Notice of termination of extension (MasterCard) (https://assets.publishing.service.gov.uk/media/5821e200e5274a256200001c/mastercard-notice-of-termination-of-extension-eu-45.pdf) (8.11.16)
- Notice of termination of extension (VocaLink) (https://assets.publishing.service.gov.uk/media/5821e220e5274a256200001e/vocalink-notice-of-termination-of-extension-eu-45.pdf) (8.11.16)
- Notice of extension (MasterCard) (https://assets.publishing.service.gov.uk/media/5811fd36ed915d4b75000028/mastercard-notice-to-extend-eu-45-wd.pdf) (27.10.16)
- Notice of extension (VocaLink) (https://assets.publishing.service.gov.uk/media/58120292e5274a67eb00003d/vocalink-notice-to-extend-eu-45-wd.pdf) (27.10.16)
Invitation to comment: Now closed

17 October 2016: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result 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 may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

Launch of merger inquiry

17 October 2016: The CMA has launched its phase 1 investigation following the European Commission’s decision to refer the case to the United Kingdom under Article 4(4) of the EC Merger Regulation.

Contact

Please send written representations about any competition issues to:

Karina KucaidzeCompetition and Markets AuthorityVictoria HouseSouthampton RowLondonWC1B 4AD

xxx@xxx.xx (mailto:xxx@xxx.xx)