Credit Karma in talks to sell tax-preparation business to Square - WSJ

Reuters
·1 min read

Oct 30 (Reuters) - Personal-finance firm Credit Karma is in talks to sell its tax-preparation business to Square Inc, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The move is aimed at avoiding potential antitrust objections to Credit Karma's pending sale to TurboTax maker Intuit Inc. , the report added. (https://on.wsj.com/2TQzifP)

The U.S. Justice Department is concerned that bringing together Credit Karma's tax-preparation business with TurboTax would leave taxpayers with fewer and potentially more expensive options, the report said.

Credit Karma and Square did not immediately respond to Reuters requests for comment.

Earlier in February, Intuit said it would buy Credit Karma for $7.1 billion, in what was the largest deal in the company's 37-year history. (https://reut.rs/3oAVSal) (Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)