Visa, Plaid call off $5.3 billion deal

(Reuters) – Visa Inc (NYSE:) and fintech startup Plaid said on Tuesday they had terminated their merger agreement and agreed with the U.S. Department of Justice to dismiss a litigation related to the proposed $5.3 billion deal.

“It has been a full year since we first announced our intent to acquire Plaid, and protracted and complex litigation will likely take substantial time to fully resolve,” Visa Chief Executive Officer Al Kelly said.

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