Competition Markets Authority
|7 July 2020||Decision announced|
|20 April 2020||Launch of merger inquiry|
|8 April to 24 April 2020||Invitation to comment|
|2 April 2020||Initial enforcement order|
Extension of consideration of undertakings in lieu
15 September 2020: The CMA has extended the consideration of UILs until 11 November 2020.
CMA to consider undertakings offered
21 July 2020: The CMA considers that there are reasonable grounds for believing that the undertakings offered by ION, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.
Reference unless undertakings accepted
7 July 2020: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a Phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.
- News story: Trading systems merger raises competition concerns (7.7.20)
Directions under the initial enforcement order
On 19 May 2020, pursuant to an initial enforcement order dated 2 April 2020 (the Initial Order), the CMA directed ION Investment Group Limited to take actions for the purpose of carrying out or ensuring compliance with the Initial Order, in relation to the completed acquisition of Broadway Technology Holdings LLC.
Notice of extensions
Directions to appoint a hold separate manager
28 April 2020: The CMA directed ION Investment Group Limited and Broadway Technology Holdings LLC, pursuant to the Initial Enforcement Order dated 2 April 2020, to appoint a hold separate manager.
Launch of merger inquiry
20 April 2020: The CMA announced the launch of its merger inquiry by notice to the parties.
Directions to appoint a monitoring trustee
17 April 2020: Pursuant to an initial enforcement order dated 2 April 2020, the CMA directed ION Investment Group Limited to appoint a monitoring trustee.
Invitation to comment: now closed
8 April 2020: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
To assist it with this assessment, the CMA invites comments on the transaction from any interested party.
These comments should be provided by the deadline set out above.
Initial enforcement order
2 April 2020: The CMA has served an initial enforcement order under section 72(2) of the Enterprise Act 2002 in relation to the completed acquisition by ION Investment Group Limited of Broadway Technology Holdings LLC.
Amendments / consents granted