January 10, 2025 – The Turkish Competition Board has authorized Param Holdings International Coöperatief U.A.’s (PARAM) acquisition of sole control over Kartek Holding AŞ (KARTEK), subject to commitments designed to address competition concerns.
Key conditions include:
- Operational Independence: PARAM must ensure KARTEK and other PARAM group companies operate as separate legal entities with independent executive boards.
- Data Protection: PARAM is required to implement legal and IT measures to prevent access to KARTEK’s strategic customer data by PARAM or its employees.
- Customer Continuity: PARAM committed to uphold agreements with existing and potential customers under fair conditions.
The commitments, effective for three years, aim to mitigate risks of input foreclosure and data-related disadvantages, stemming from KARTEK’s strong market position and the potential for competitively sensitive information transfer.
This decision follows a detailed examination of the payment services market and extensive consultation with 105 stakeholders. The transaction received final authorization on December 27, 2024.
