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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Intuit Inc.    INTU


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Justice Department Clears Intuit to Buy Credit Karma

11/25/2020 | 12:24pm EST

By Peter Rudegeair

The Justice Department cleared Credit Karma Inc.'s pending $7.1 billion sale to TurboTax maker Intuit Inc. after the two companies agreed to divest Credit Karma's burgeoning tax-preparation business to satisfy antitrust concerns.

Under a proposed settlement filed in federal court in Washington, D.C., Wednesday, Credit Karma and Intuit said they would sell Credit Karma Tax to Square Inc., the financial-technology company run by Twitter Inc. Chief Executive Jack Dorsey. The Wall Street Journal reported last month that Square was in talks to acquire the tax-prep business.

Square said it would pay $50 million in cash for Credit Karma Tax, which entered the market in 2017 and helped more than two million individuals file their 2020 taxes. Around 41 million people used Intuit's TurboTax to file their 2020 taxes.

The Justice Department argued that Credit Karma's small but growing tax-prep business, which charges no fees, provided a check on Intuit's ability to increase the prices it charges for paid versions of TurboTax and degrade the quality of free versions.

Allowing the two companies to move forward with the original deal would "further cement TurboTax's dominance," the department said in court papers.

Assistant Attorney General Makan Delrahim said in a news release that the sale of Credit Karma Tax to Square "ensures that taxpayers will continue to both benefit from this competition and benefit from new innovative financial service offerings from both Intuit and Square."

The Justice Department has spent recent months more closely scrutinizing deals in the financial and technology sectors. It filed a lawsuit earlier this month seeking to stop Visa Inc.'s $5.3 billion deal to acquire Plaid Inc., a key player in the financial-technology space.

Intuit CEO Sasan Goodarzi said in a news release that the settlement "brings us one step closer to transforming personal finance by making it simpler for consumers to find the right financial products, put more money in their pockets, and provide financial expertise and advice."

Write to Peter Rudegeair at Peter.Rudegeair@wsj.com

(END) Dow Jones Newswires

11-25-20 1223ET

Stocks mentioned in the article
ChangeLast1st jan.
INTUIT INC. -1.81% 374.85 Delayed Quote.-1.32%
SQUARE, INC. 1.48% 222.88 Delayed Quote.2.41%
VISA INC. -1.52% 202.02 Delayed Quote.-7.64%
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Financials (USD)
Sales 2021 8 923 M - -
Net income 2021 1 467 M - -
Net cash 2021 2 255 M - -
P/E ratio 2021 69,3x
Yield 2021 0,60%
Capitalization 103 B 103 B -
EV / Sales 2021 11,3x
EV / Sales 2022 9,60x
Nbr of Employees 10 600
Free-Float 97,1%
Duration : Period :
Intuit Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends INTUIT INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 412,00 $
Last Close Price 374,85 $
Spread / Highest target 26,7%
Spread / Average Target 9,91%
Spread / Lowest Target -17,3%
EPS Revisions
Managers and Directors
Sasan K. Goodarzi President, Chief Executive Officer & Director
Brad D. Smith Executive Chairman
Michelle M. Clatterbuck Chief Financial Officer & Executive Vice President
Atticus Tysen Chief Information Officer & Senior Vice President
Marianna Tessel Chief Technology Officer & Executive VP
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