The European Commission approved the exclusive acquisition of control of the French Poseidon Holdco S.A.S., parent company of Group Ingenico, by the German Allianz SE. The European regulator concluded that the purchase of the French technology company by the German insurance giant does not threaten competition, as the two companies operate in distinct sectors and do not compete with each other.
The transaction between the insurer and the French company was approved through the simplified merger control procedure.
Founded in France in 1980, Group Ingenico has an ecosystem of payment solutions and point-of-sale technology. The technology company operates in the global fintech and merchant payment services market, manufacturing card reading terminals and providing acceptance software, e-commerce gateways, and management services. Present in more than 120 countries, the company serves merchants, retail chains, financial institutions, banks, and transport operators.
For Allianz SE, a global insurer and asset manager, the deal is a bet on portfolio diversification into technology assets.
