Mergers & Acquisitions
Competition law is critical in the context of M&A deals and global transactions. The number of competition authorities across the world where filings might be required are increasing and authorities are become more aggressive in investigating mergers across a variety of industries that may be harmful to competition.
In the UK, this also includes challenging completed transactions. Even for transactions that are reviewed and ultimately cleared, mergers are taking ever longer to file and close. This trend highlights why it is critical for buyers and sellers to consider carefully, and as early as possible, the competition risks when contemplating a transaction and take appropriate steps to mitigate those risks in the contractual agreements.
We provide strategic advice in relation to mergers, acquisitions, and joint ventures across all sectors including advising on feasibility and strategy at the initiation stage right through to notification and, where required, using innovative structuring solutions when negotiating remedies. We also advise third parties wishing to act as a complainant against a proposed merger.
We have strong relationships with many of the individuals responsible for merger review at the European Commission (EC) and national competition authorities, in particular the UK Competition and Markets Authority (CMA), the Belgium Competition Authority and the German Federal Cartel Office, in part due to the previous experience our team has working for or alongside these competition authorities.
In complex multi-jurisdictional mergers, we leverage our independence and our significant network to assemble the most experienced local counsel in different jurisdictions.
Featured Experience:
- Statoil Fuel & Retail (now Circle K) on Phase 1 clearance with remedies for its acquisition of Shell’s fuel business in Denmark before the EC.
- PKN Orlen, the leading oil company in Poland, on the notification to the EC of its proposed merger with rival Polish oil company Grupa Lotos
- Refresco on Phase 1 clearance with remedies for its acquisition of Cott’s bottling activities before the CMA.
- EEX/Powernext as a third-party complainant in the acquisition of Trayport by ICE before the CMA (and which resulted in the CMA’s only prohibition of a vertical merger).
- Refresco in relation to notification to the CMA of its proposed buyout by PAI and BCiM.
- CityJet on Phase 1 clearance by the CMA for its long-term wet lease arrangement with Aer Lingus, involving the successful use of counterfactual arguments.
