Square Lower on Talks to Buy Credit Karma Tax-Prep Unit

Square shares  (SQ) – Get Report dropped following a report that the electronic payment system operator is in talks to purchase the tax-preparation business of personal finance company Credit Karma. 

Credit Karma is looking to divest the unit to avoid potential antitrust issues related to its pending sale to Intuit  (INTU) – Get Report, the owner of TurboTax, according to The Wall Street Journal. 

Square declined to comment to TheStreet regarding the report.

Shares of Square, San Francisco, at last check were down 8.6% to $155.32 while Intuit shares fell 3% to $315.88.

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