CCPC publishes Mergers and Acquisitions Report 2023
January 2, 2024
The CCPC has published its annual merger report, which includes statistics on the number of mergers and acquisitions notified to and reviewed by the CCPC in 2023.
All mergers and acquisitions which reach certain financial thresholds must be notified to the CCPC. The CCPC examines whether any notified transaction could result in the substantial lessening of competition in markets for goods and services in the State.
2023 statistics
- 68 mergers were notified in 2023 (the same as 2022)
- 66 determinations were issued (7 carried over from 2022), 4 of which required commitments to secure approval
- 5 Phase 2 investigations were progressed or concluded (2 notified in 2022)
- 4 media mergers were reviewed
- 18.8 working days was the average time for a determination on a non-extended Phase 1 investigation to issue
The CCPC issued “Assessments” in two Phase 2 investigations M/22/040 – Q-Park/Tazbell and M/23/011 – DAA plc / Certain Assets of Mr Gerard Gannon meaning that the CCPC formally put its preliminary competition concerns, and the evidence supporting those concerns, to the parties involved in these mergers.
The CCPC required commitments from parties in order to clear four proposed transactions in 2023:
- M/22/040 – Q-Park/Tazbell
- M/22/049 – Uniphar/LVX Remedies (Sam McCauley)
- M/22/067 – Thorntons Recycling/Carducci Holdings (The City Bin Co.)
- M/23/010 – BWG/Tuffy Wholesale
Such commitments were needed to address competition concerns and include divestment commitments (Q-Park/Tazbell, Thorntons Recycling/Carducci Holdings, and Uniphar/LVX Remedies (Sam McCauley)) and behavioural commitments such as parties agreeing not to exchange competitively sensitive information (BWG/Tuffy Wholesale ).
Commenting on the publication of the 2023 statistics, Úna Butler, Member of the Competition and Consumer Protection Commission, said:
“2023 has been another notable year for merger review in Ireland. As well as progressing or concluding a number of Phase 2 merger investigations, the CCPC updated our policies and procedures to reflect legislative developments under the Competition (Amendment) Act 2022.
Ireland’s merger regime has evolved and matured over the past two decades; what has been constant is its purpose: ensuring that mergers which threaten to substantially lessen competition only proceed where measures are put in place that address the CCPC’s competition concerns. Where that does not happen, the CCPC will prohibit the merger. Our goal is to ensure that competition is protected to the benefit of consumers. The new merger control powers provided for by the Competition (Amendment) Act 2022 have given the CCPC a more comprehensive toolkit to realise this goal.”
For more information read the CCPC Mergers and Acquisitions Report 2023
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