325 days from first filing, the CCPC just recently cleared Live Nation’s acquisition of sole control of Irish concert promoter, MCD Productions, a merger of Ireland’s largest ticketing company and venue operator with the country’s biggest concert and event promoter. Days later, the CCPC announced clearance of a three-to-two merger among Irish providers of commercial laundry and linen rental services following an in-depth 334-day probe. Both were cleared subject to behavioural type commitments, although Berendsen (Elis)/Kings Laundry M/18/063 involved commitment to sell some customer contracts.
Key Takeaways
- Phase two merger reviews are getting longer: At 325 calendar days,Live Nation/MCD Productions M/18/067 was the longest ever CCPC review process, until Berendsen (Elis)/Kings Laundry was approved three days later, 334 calendar days after it was notified to the CCPC. The previous record, Enva/Rilta M/18/036 (cleared in late 2018), was 230 calendar days.
- Complex deals still get approved: It is over a decade since the CCPC blocked a deal outright – in Kerry/Breeo M/08/009, the CCPC’s decision in which was overturned on appeal by The Competition Court. Live Nation/MCD Productions involved consolidation of ownership of Ireland’s largest music concert promoter, three of Ireland’s biggest rock music festivals, some of Dublin’s largest concert venues, and Ireland’s number one ticketing provider, Ticketmaster. To complicate matters, Ticketmaster is reportedly subject to an on-going CCPC investigation following complaints alleging abuse of dominance. Berendsen (Elis)/King’s Laundry involved significant horizontal overlap of two of Ireland’s top linen rental and laundry businesses in a concentrated market.
- ‘Fix-it-first’ remedies may be required: In Berendsen (Elis)/King’s Laundry, the CCPC required a fix-it first remedy, an unusual stipulation which may indicate a change of practice of the CCPC in respect of divestment remedies.
Read the full article here: 2 Long Phase 2s Complete: What Lessons Learnt?