Latitude withdraws application to acquire Humm’s consumer finance business
Published17 Jun 2022
Latitude Group Holdings Limited has formally withdrawn its application to the Commerce Commission for clearance to acquire Humm Group Limited’s consumer finance business.
The Commission had been scheduled to make a decision on Latitude’s clearance application by 11 August 2022.
The Commission's case register will be updated in due course.
Background
Both Latitude and Humm supply consumer finance products such as “buy now, pay later” products and long-term instalment payment products. These products allow consumers to buy goods and services and pay the purchase price in instalments. Latitude operates in Australia, New Zealand, Singapore and Canada, while Humm operates in Australia, New Zealand, Ireland, the United Kingdom and Canada.
On 14 April 2022 Latitude sought clearance from the Commission to acquire the consumer finance business of Humm. However, the two firms announced on 17 June 2022 that they had decided to cancel the planned merger.
We will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market. Further information explaining how the Commission assesses a merger application is available on our website.
