CCPC releases Mergers and Acquisitions Report for 2024

The Competition and Consumer Protection Commission (CCPC) has recently released its Annual Mergers and Acquisitions Report for 2024, shedding light on the mergers and acquisitions that were brought to the attention of the CCPC during the year.

An important aspect of the report is the requirement for all mergers and acquisitions that surpass specific financial thresholds to be notified to the CCPC. The main objective behind this notification process is to allow the CCPC to review these transactions to determine if they pose a risk of significantly reducing competition in any market for goods or services within the country.

The report for 2024 unveiled some key statistics that provide valuable insights into the landscape of mergers and acquisitions during the year. A notable observation was the significant increase in the number of mergers notified in 2024, with a nearly 21% rise compared to the previous year. In total, 82 mergers were brought to the attention of the CCPC.

Out of these, 77 determinations were issued by the CCPC, including cases carried over from 2023. Additionally, one merger that was notified in 2023 and carried over to 2024 was deemed invalid by the CCPC under Section 18(12) of the Competition Act 2002. An interesting trend identified in the report was that approximately 71% of the determinations in 2024 were made through the CCPC’s Simplified Merger Notification Procedure (SMNP). These mergers were efficiently cleared within an average of 13.3 days from the date of notification.

Moreover, the report highlighted that eight Phase 2 investigations were either conducted or concluded in 2024, with three of these having been notified in the preceding year. Interestingly, the report also noted a decline in the number of media mergers notified to the CCPC in 2024 compared to 2023.

Industry-wise, the professional services sector, which includes fields like legal, accountancy, consultancy, engineering, and veterinary services, emerged as the most active sector in terms of merger notifications, accounting for 13 notifications.

The report also delved into specific cases and outcomes, such as the required divestment of pharmacies and businesses in select mergers to address competition concerns. Notably, the CCPC intervened in a proposed purchase of a carpark site at Dublin Airport, signaling potential harm to competition and consumers in the car parking services market.

In light of the findings from the report, Úna Butler, a Member of the Competition and Consumer Protection Commission, emphasized the importance of the merger review process in safeguarding competition for the benefit of consumers. She noted the increased volume of notifications in 2024 and highlighted the efficiency improvements in reviewing mergers, ensuring that mergers posing competition concerns are carefully scrutinized, and appropriate measures are taken to address them.

The CCPC’s Annual Mergers and Acquisitions Report for 2024 underlines the commitment to maintaining a competitive marketplace and protecting consumer interests through thorough assessment and intervention where necessary.