Cochlear / Oticon merger inquiry

The CMA is investigating the anticipated acquisition by Cochlear Limited of the hearing implants business of Demant A/S, known as Oticon Medical.

From:
Competition and Markets Authority
Published
11 October 2022
Last updated
30 August 2023 — See all updates
Case type:
Mergers
Case state:
Open
Market sector:
Healthcare and medical equipment
Opened:
11 October 2022

Phase 2

Administrative timetable

Referral date: 20 December 2022

Statutory deadline: 31 July 2023

Contact

Cochlear.Oticon@cma.gov.uk

Remedy Group appointed

24 August 2023: The CMA has appointed the Remedy Group. Kip Meek (Chair), Anne Fletcher, Keith Richards and David Thomas.

Final undertakings

24 August 2023: The CMA has accepted final undertakings and the reference has now been fully determined.

Notice of proposal to accept final undertakings

2 August 2023: The CMA gives notice of the proposal to accept final undertakings and is inviting comments on the proposed draft undertakings by 5pm on 16 August 2023.

Final report

22 June 2023: The CMA has published its final report.

Notice of extension of statutory period

Responses to provisional findings and possible remedies

Provisional findings

20 April 2023: The CMA has provisionally found competition concerns as part of its in-depth investigation of the anticipated acquisition by Cochlear Limited of the hearing implants business of Demant A/S, known as Oticon Medical.

The deadline for submitting responses to the provisional findings is Thursday 11 May 2023.

The deadline for submitting responses to the notice of possible remedies is Thursday 4 May 2023.

Responses to the issues statement

Issues statement

20 January 2023: The issues statement sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions. The deadline for submissions on the issues statement is 5pm, 3 February 2023.

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.

Statutory timetable

Phase 1 Action
6 December 2022 Phase 1 decision announced
14 November 2022 Initial enforcement order
11 October 2022 to 25 October 2022 Invitation to comment
11 October 2022 Launch of merger inquiry

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.

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.

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.

Amendments/consents granted:

Launch merger inquiry

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

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.

Published 11 October 2022
Last updated 30 August 2023 + show all updates

  1. Notice to accept final undertakings and Final undertakings published

  2. Derogation published

  3. Notice of proposal to accept final undertakings published.

  4. Derogations published.

  5. Full text, appendices and glossary published.

  6. Derogation published.

  7. Statutory deadline extended, administrative timetable, notice of extension and Cochlear’s response to the provisional findings published.

  8. Responses to possible remedies published.

  9. Derogation published.

  10. Derogation published.

  11. Full provisional findings report, appendices and glossary published.

  12. Summary of provisional findings, notice of possible remedies and notice of provisional findings published.

  13. Derogation published.

  14. Responses to issues statement published.

  15. Derogation published.

  16. Derogations published.

  17. Derogations published.

  18. Issues statement, administrative timetable and phase 1 full text decision published.

  19. Derogation published

  20. Inquiry group appointed.

  21. Decision to refer, terms of reference and administrative timetable published.

  22. Derogation published.

  23. Summary of phase 1 decision published.

  24. Derogation published

  25. Initial enforcement order and derogation published.

  26. First published.

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