On July 4, 2023, the Commission conditionally approved, in Phase I, Advent’s acquisition of market research provider GfK through its subsidiary NielsenIQ, after Advent pulled and refiled the merger notification.[1] The approval is subject to the divestment of GfK’s global consumer panel services (“CPS”) business, excluding Russia.[2]
On July 5, 2023, the German Parliament (Bundestag) passed the Competition Enforcement Act, amending the German Act Against Restraints of Competition (“ARC”) for the 11th time (“11th Amendment”). This comes only two and a half years after the last significant amendment in 2021, which granted the Federal Cartel Office (“FCO”) unprecedented investigative powers.[1] The 11th Amendment once again equips the FCO with additional enforcement powers.
On 11 July 2023, the UK Government published its second Annual Report on the National Security and Investment Act 2021 (the “Act”).
The Annual Report begins with an introduction by Oliver Dowden MP, the Deputy Prime Minister, who is the formal decision-maker under the Act in his role as the Secretary of State in the Cabinet Office. This introduction seeks to reassure investors that the Act is a “light-touch, proportionate regime that offers companies and investors the certainty they need to do business, while crucially protecting the UK’s national security in an increasingly volatile world.”
On July 13, 2023, the Court of Justice delivered its much anticipated judgment in Commission v. CK Telecoms,[1] setting aside the General Court’s landmark judgment that annulled the Commission’s 2016 prohibition of the proposed 4-to-3 merger between Telefónica Europe Plc (“O2”) and Hutchinson 3G UK Investments Limited (“Three”), the second and fourth largest mobile network operators in the UK, that would have created a new market leader with a combined share above 40%.[2]
On July 12, 2023, the Commission approved Broadcom’s proposed €55 billion acquisition of VMware after a Phase II review ruling out most of its initial concerns.[1] The Commission’s decision is subject to technology access and interoperability remedies.
On June 9, 2023, following an in-depth investigation, the Commission approved Vivendi’s acquisition of Lagardère (the “Transaction”), subject to divestment conditions.[1]
On June 29, 2023, the French Competition Authority (“FCA”) published its Opinion on competition in the cloud sector following a sector inquiry.[1] The Opinion examines various practices currently implemented or likely to be deployed in this sector which have the potential to restrict competition. The Opinion provides a blueprint for future investigations, setting out the theories of harm that the FCA may put forward in the context of abuse of dominance, abuse of economic dependency, anticompetitive agreements or merger control cases.
In the latest episode of Antitrust Review, host Nick Levy, co-head of Cleary Gottlieb’s award-winning antitrust practice, is joined by
