GBST deal concerns

FNZ given five days to resolve competition issues

FNZ offices (FNZ website)

FNZ is based at Canon Mills

Scottish fintech firm FNZ has been given five days to address competition concerns raised by its proposed £150 million acquisition of an Australia-based rival.

The Edinburgh-headquartered company announced the purchase of GBST in July last year and the supreme court of New South Wales gave its approval in October.

However, the Competition and Markets Authority launched an inquiry in November over a potential loss of competitions.

Today it said the deal could lead to higher prices and a loss of options for investors and has asked FNZ to address concerns within five days.

If FNZ fails to meet the deadline the deal will be referred for an in-depth investigation.

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