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Phase 2

Administrative timetable

Referral date: 20 December 2022

Statutory deadline: 5 June 2023

Contact

Cochlear.Oticon@cma.gov.uk

Inquiry group appointed

21 December 2022: The CMA has appointed the inquiry group.

Kip Meek (Chair), Anne Fletcher, Keith Richards and David Thomas.

Terms of reference

20 December 2022: The CMA has referred the anticipated acquisition by Cochlear Limited of the hearing implants business of Demant A/S, known as Oticon Medical, for an in-depth investigation.

• Terms of reference (PDF, 101KB) (20.12.22)

Statutory timetable

Phase 1

Reference decision

20 December 2022: The CMA has referred the anticipated acquisition by Cochlear Limited of the hearing implants business of Demant A/S, known as Oticon Medical, for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.

• Decision to refer (PDF, 106KB) (20.12.22)

Reference unless undertakings accepted

6 December 2022: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger 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.

• Summary of phase 1 decision (PDF, 112KB) (6.12.22)
• Press release: Hearing implants merger could mean worse deal for NHS and patients (6.12.22)

Initial enforcement order

14 November 2022: The CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on Demant A/S and its Oticon Medical subsidiaries, in relation to the anticipated acquisition by Cochlear Limited of the hearing implants business of Demant A/S, known as Oticon Medical.

• Initial enforcement order (17.11.22)

Amendments/consents granted:

• Derogation 23 December 2022 (29.12.22)
• Derogation 7 December 2022 (PDF, 158 KB) (14.12.22)
• Derogation 29 November 2022 (PDF, 135 KB) (1.12.22)
• Derogation 14 November 2022 (17.11.22)

Launch merger inquiry

11 October 2022: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement notice (11.10.22)

Invitation to comment: Now closed

11 October 2022: 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 invited comments on the transaction from any interested party.

Contact

Please send written representations about any competition or public interest to general.enquiries@cma.gov.uk.