Competition law: mergers, acquisitions and joint ventures
In a global regulatory environment, parties to cross-border
transactions must ensure that a full merger control analysis is
built into the transaction strategy as a whole.
As more countries introduce merger control regimes, which are
often mandatory, mergers and acquisitions come under increasing
scrutiny from regulators, including the European Commission.
Competition rules governing mergers, acquisition and joint
ventures are complex and the penalties for not complying with them
can be severe, both for the reputation of a business, as well as
its cashflow. Implementation is usually prohibited prior to
clearance being obtained, which can also create additional
pressures on commercial timetables.
As regulators and their regimes become increasingly stringent,
businesses have to be ever more aware of the rules in all
jurisdictions in which a transaction is taking place.
Our service
We are experienced in developing coherent market definitions and
then negotiating with merger control regulators, which helps ensure
that transactions are approved, including where more detailed
“phase II” investigations are launched. This means that we
can deal with even the most complex transactions.
We work closely with you to protect your position while the
transaction is subject to regulatory scrutiny. This collaborative
approach means we help you manage your teams internally and devise
appropriate strategies to deal with regulatory issues pre- and
post-completion of the transaction.
Our experience
Due to the diverse background and high quality legal experience
of our team of lawyers, our expertise includes:
- gaining merger approvals in a timely manner to ensure that the
overall transaction timetable is not adversely affected
- carrying out fast and accurate multi-jurisdictional merger
analyses and project managing multi-jurisdictional merger filings
in international transactions
- advising on the competition risk and appropriate regulatory
strategy in complex transactions, including in a contested takeover
bid and in transactions which raise significant competition
concerns
- advising on mergers and acquisitions in special sectors where
additional rules apply, such as defence, water and broadcasting in
the UK
- advising on gun-jumping and competition compliance issues and
assisting with pre-approval integration planning to ensure that the
client is not exposed to the risk of penalties being imposed
- negotiating with regulators on appropriate commitments to
remedy any competition concerns in order to obtain a commercially
viable deal and expeditious regulatory approval
- advising on competition compliance issues particular to joint
ventures, which may be subject to regulatory scrutiny
- assisting with competition and regulatory due diligence to
ensure that they are aware of any competition breaches that may
impact on the value of the deal
- negotiating on the allocation of risk of competition law breach
in the merger agreement
- preparing market definitions which are coherent across all
jurisdictions where filings may be required