GTCR UK / Gorkana merger inquiry

The CMA investigated the completed acquisition by GTCR Canyon UK Investments Limited of Discovery Group Holdings Limited (Gorkana).

Statutory timetable

Phase 1 date Action
16 June 2015 Undertakings in lieu accepted
27 March 2015 Decision announced
2 February to 13 February 2015 Invitation to comment
2 February 2015 Launch of merger inquiry
18 December 2014 Initial enforcement order made

Phase 1

Undertakings in lieu of reference accepted

16 June 2015: The CMA has accepted undertakings in lieu of reference under the Enterprise Act 2002 for the completed acquisition by GTCR Canyon UK Investments Limited of Discovery Group Holdings Limited (Gorkana). As a result, the merger will not be referred for a phase 2 investigation. A copy of the undertakings and the decision are available below.

Extension of considerations of undertakings in lieu

28 May 2015: The CMA has extended the consideration of UILs until 6 August 2015.

Undertaking in lieu of reference consultation: Now closed

28 May 2015: We are consulting on a proposed undertaking in lieu of a reference for the completed acquisition by GTCR Canyon UK Investments Ltd of Gorkana Group Limited.

CMA to consider undertakings offered

14 April 2015: The CMA considers that there are reasonable grounds for believing that the undertakings offered by GTCR, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002. A copy of the notice is available below.

Reference unless undertakings accepted

27 March 2015: 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 GTCR Canyon UK Investments Limited offers acceptable undertakings to address these competition concerns. The full text of the decision is available below.

Invitation to comment: Now closed

2 February 2015: The CMA is considering whether it is or may be the case that this transaction has resulted 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 has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

Launch of CMA merger inquiry

2 February 2015: The CMA announced the launch of its merger inquiry by notice to the parties.

Initial enforcement order

18 December 2014: An initial enforcement order under Section 72(2) of the Enterprise Act 2002 was put in place against Canyon Holdings Sàrl and GTCR Canyon UK Investments Limited by the CMA. A copy of the order is below:

Amendments/consents granted:

Contact

Please send written representations about any competition or public interest to:

Zoe Fiander
Competition and Markets Authority
Victoria House
Southampton Row
London
WC1B 4AD

zoe.fiander@cma.gsi.gov.uk

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