CCPC publishes Mergers and Acquisitions Report 2024
February 21, 2025
The Competition and Consumer Protection Commission (CCPC) has published its Annual Mergers and Acquisitions Report 2024, providing details of the mergers and acquisitions notified to, and reviewed by the CCPC throughout the year.
All mergers and acquisitions that meet specific financial thresholds must be notified to the CCPC. The CCPC assesses these transactions to determine whether or not they could result in the substantial lessening of competition in any market for goods or services in the State.
2024 key statistics:
- 82 mergers were notified in 2024, reflecting an almost 21% increase from 2023
- The CCPC issued 77 determinations including 7 in relation to cases carried over from 2023. 1 further merger notified in 2023 and carried over to 2024 was declared invalid by the CCPC in 2024 under Section 18(12) of the Competition Act 2002
- In 2024, 55 determinations (approximately 71%) were made under the CCPC’s Simplified Merger Notification Procedure (SMNP) and these mergers were cleared within 13.3 days of notification, on average
- 8 Phase 2 investigations were either progressed or concluded in 2024, with 3 of these notified in 2023
- 3 media mergers were notified to the CCPC in 2024 compared to 5 in 2023
- The professional services sector (including legal, accountancy, consultancy, engineering, and veterinary) was the most prominent sector, with 13 merger notifications received
- The average time to issue a determination on a non-extended Phase 1 investigation was 16.3 working days
In 2024, the CCPC issued an assessment to the parties involved in 1 Phase 2 investigation, M/24/018 – Phoenix/Cellnex, formally outlining its preliminary competition concerns and the evidence supporting those concerns. The CCPC ultimately cleared this deal on 6 February 2025, subject to detailed binding divestment commitments.
In 2024, formal commitments to address competition concerns were obtained in respect of 2 cases:
- M/24/011 – LloydsPharmacy/McCabes Pharmacy: Required divestment of 2 pharmacies
- M/23/065 – Phey Topco/Trasmore – CCPC Business: Required divestment of a business comprising dental equipment and products (such as cotton wool rolls and paper towels)
In March 2024, the CCPC blocked the proposed purchase of the former Quickpark carpark site at Dublin Airport by Dublin Airport Authority (daa).
The CCPC’s investigation found that the deal would substantially lessen competition in car parking services at Dublin Airport, as daa would own over 90% of the public car parking spaces if the purchase went ahead. This lack of competition from other large car park providers could cause harm to consumers including increased prices, reduced service quality and less innovation. The car park, which can accommodate more than 6,000 cars, is reportedly set to open under a different operator in March 2025, providing competition in the market for consumers.
Commenting on the CCPC’s Annual Mergers and Acquisitions Report 2024, Úna Butler, Member of the Competition and Consumer Protection Commission, said:
“It was a busy year for merger review in Ireland in 2024. Notifications to the CCPC increased by more than 20%. Despite this increase in the volume of notifications, the average time to review mergers has continued to decrease, enabling us to focus our resources more effectively on those mergers which have the potential to raise competition concerns. This is because more notifications were made under the Simplified Merger Notification Procedure than in any year to date. There were also more Phase 2 investigations in 2024 than in any year previously. Phase 2 investigations were required in a wide range of sectors including car parks, aggregates, communications infrastructure, and retail pharmacies.
Ireland’s merger review regime ensures that mergers which threaten to substantially lessen competition only proceed where appropriate measures to address these concerns are implemented. Where that does not happen, the CCPC will prohibit the merger. Our goal is to safeguard competition for the benefit of consumers.”
To view the report in full, please see the CCPC merger report 2024.
