Disentangling completed transactions in the UK: experiences and challenges

The UK has a voluntary, non-suspensory merger control regime, such that mergers, acquisitions and other transactions can be, and routinely are, completed before they are investigated by the CMA. However, the CMA can, and often does, investigate mergers, acquisitions and other transactions that have not been notified to it. It has powers to prevent further integration between the merging parties’ businesses, and to require existing integration to be unwound, pending the conclusion of its investigation. Where the CMA identifies competition concerns, whether at Phase 1 or Phase 2, the fact that a merger, acquisition or other transaction has been completed can give rise to difficulties in identifying, implementing and ensuring the effectiveness of a remedy. This article discusses the CMA’s powers to impose interim measures and its approach to remedies in completed transactions. It also discusses the lessons that the CMA has learned from implementing remedies in merger investigations into completed transactions.