NVIDIA / Arm merger inquiry
The CMA investigated the anticipated acquisition by NVIDIA Corporation of Arm’s Intellectual Property Group business.
Phase 2
Administrative timetable
Date of referral: 16 November 2021
Statutory deadline: 2 May 2022
- (1.12.21)
Merger abandoned
8 February 2022: The CMA has cancelled its merger inquiry into the anticipated acquisition by NVIDIA Corporation of Arm Limited.
- (8.2.22)
- Press release: NVIDIA abandons takeover of Arm during CMA investigation (8.2.22)
Initial Phase 2 submission
- (10.1.22)
Issues statement
20 December 2021: The issues statement sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition and whether the merger may operate against the public interest, but it does not set out findings or conclusions. The deadline for submissions on the issues statement is 5pm, Thursday 6 January 2021.
- (20.12.21)
Inquiry group appointed
16 November 2021: The CMA has appointed the inquiry group:
Kirstin Baker (Chair), Anne Fletcher, Robin Foster and Stephen Rose
Terms of reference
16 November 2021: The Secretary of State for Digital, Culture, Media and Sport (DCMS) has referred NVIDIA’s proposed acquisition of Arm to the CMA for a phase 2 in-depth investigation on the grounds of competition and national security concerns.
- Press release: Digital Secretary asks CMA to carry out further investigation into NVIDIA’s takeover of Arm(16.11.21)
- Phase 1 report and Phase 2 reference under Section 45(4) of the Enterprise Act 2002(16.11.21)
Phase 1
Statutory timetable
| Phase 1 date | Action |
|---|---|
| 20 August 2021 | Executive summary published |
| 30 July 2021 | Deadline for the CMA to report to Secretary of State for Digital, Culture, Media and Sport |
| 20 July 2021 | CMA report delivered to the Secretary of State for Digital, Culture, Media and Sport |
| 30 April 2021 to 17 May 2021 | Invitation to comment on competition |
| 19 April 2021 to 14 May 2021 | Invitation to comment on public interest |
| 19 April 2021 | Secretary of State for Digital, Culture, Media and Sport issued a public interest intervention notice |
| 6 January 2021 to 27 January 2021 | Invitation to comment |
Executive summary
20 August 2021: The Department for Digital, Culture, Media and Sport (DCMS) has published the executive summary of the CMA report delivered on 20 July. For further information please see the statement from the DCMS.
- Press notice: CMA finds competition concerns with NVIDIA’s purchase of Arm (20.8.21)
Report delivered to Secretary of State
20 July 2021: The CMA has delivered its report to the Secretary of State for Digital, Culture, Media and Sport (DCMS). The report includes (i) an assessment of whether the CMA believes that it is (or may be) the case that this transaction (if carried into effect) would result in the creation of a relevant merger situation under the provisions of the Enterprise Act 2002, (ii) the CMA’s competitive assessment including its assessment of whether undertakings-in-lieu of reference would be appropriate, and (iii) a summary of any representations on national security matters received from third parties.
Any decision on whether the transaction operates, or may be expected to operate, against the public interest is taken by the Secretary of State for DCMS.
Invitation to comment: Closes on 17 May 2021
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’s potential impact on competition from any interested party.
These comments should be provided by the deadline set out above.
Public interest intervention notice
On 19 April 2021, the Secretary of State for Digital, Culture, Media and Sport issued a public interest intervention notice (PIIN) on the public interest ground of national security in accordance with sections 42(2) and 58(1) of the Enterprise Act 2002 (the Act) in relation to the anticipated acquisition by NVIDIA Corporation of Arm Limited. This means that the Secretary of State will make the final decision on whether this transaction operates, or may be expected to operate, against the public interest and should be referred to a phase 2 assessment, taking into account both competition and public interest (namely, national security) issues.
The Competition and Markets Authority (CMA) is required to submit a report to the Secretary of State in accordance with section 44 of the Act by 30 July 2021.
The report will include the CMA’s assessment of 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 Act 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.
It will also include a summary of any representations the CMA receives which relate to the public interest consideration specified in the PIIN, namely national security, which are or may be relevant to the Secretary of State’s decision.
To assist it with this assessment, the CMA invites comments on the transaction from any interested party on national security considerations with responses due by 14 May 2021.
Invitation to comment: now closed
6 January 2021: 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, in advance of the CMA’s formal investigation starting.
These comments should be provided by the deadline set out above.
- (6.1.21)
- Press release: CMA to investigate NVIDIA’s takeover of Arm (6.1.21)
Contact
Please send written representations about any competition or public interest to general.enquiries@cma.gov.uk.
Last updated 8 February 2022 + show all updates
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Cancellation of merger reference published.
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Update added following NVIDIA's decision to abandon the proposed deal with Arm.
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Main parties initial Phase 2 submission published.
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Issues statement published.
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Administrative timetable published.
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Statutory deadline, and inquiry group members added to the page.
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Link to the CMA report and terms of reference added, following a decision by the Secretary of State for Digital, Culture, Media and Sport to refer NVIDIA’s proposed acquisition of Arm to the CMA for a phase 2 in-depth investigation.
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A link has been added to the executive summary, which has been published by the Department for Digital, Culture, Media and Sport.
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CMA report delivered to the Secretary of State for Digital, Culture, Media and Sport.
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Invitation to comment on competition. Closes on 17 May 2021.
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The Secretary of State for Digital, Culture, Media and Sport issued a public interest intervention notice (PIIN). Case timetable updated.
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First published.