LONDON - British watchdog the Competition and Markets Authority has opened a preliminary investigation into Viagogo’s plannedThe CMA has given interested parties until Jan. 10, 2020 to comment on the merger, after which it will make a decision on whether to begin a formal phase 1 inquiry.The CMA is an independent non-ministerial government department that has the jurisdiction to examine mergers, including acquisitions and joint ventures, where two or more companies cease to be distinct.
Its rules dictate that in order to open a formal investigation, either the U.K. turnover of the acquired business needs to exceed £70 million , or the two enterprises supply or acquire at least 25% of the same goods or services supplied in the U.K. and any merger would increase that share of supply. According to financial records filed at Companies House, StubHub UK Limited’s turnover was £12.9 million in 2018, resulting in a profit of £850,000 before taxation.
Ticketing campaign group the FanFair Alliance believes that if Viagogo were to merge with StubHub it would give the combined company almost complete control of the U.K. "for profit" secondary market.
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Source: Reuters - 🏆 2. / 97 Read more »
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