Stonegate Pub Company / Ei Group plc merger inquiry

The CMA is investigating the anticipated acquisition by Stonegate Pub Company Limited of Ei Group plc.

Statutory timetable

Phase 1 date Action
14 February 2020 Undertakings in lieu of reference accepted
9 January 2020 Decision published
20 December 2019 Decision announced
13 December 2019 Deadline for phase 1 decision*
11 October 2019 to 25 October 2019 Invitation to comment
11 October 2019 Launch of merger inquiry

(*) This date is the current statutory deadline by when the decision will be announced. If any change occurs, the information is refreshed as soon as practicable. However, the CMA cannot guarantee that the decision will be announced on or before this current deadline, as the deadline of a given case may change during the merger assessment process due to different reasons.

Phase 1

Undertakings in lieu of reference accepted

14 February 2020: The CMA has accepted undertakings in lieu of reference for the anticipated acquisition by Stonegate Pub Company Limited of Ei Group plc. A copy of the undertakings is available below. The full text of the decision will be available shortly.

Undertakings in lieu of reference consultation: closes on 5 February 2020

21 January 2020: We are consulting on proposed undertakings in lieu of a reference for the anticipated acquisition by Stonegate Pub Company of Ei Group plc.

CMA to consider undertakings offered

20 December 2019: The CMA considers that there are reasonable grounds for believing that the undertakings offered by Stonegate, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.

Reference unless undertakings accepted

6 December 2019: 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.

The CMA did not find competition concerns at a national level, however, the CMA found a limited number of local areas where significant concentration gives rise to significant competition concerns. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

Launch of merger inquiry

11 October 2019: The CMA has launched its phase 1 investigation following the European Commission’s decision to refer the case to the United Kingdom under Article 4(4) of the EC Merger Regulation.

Invitation to comment: now closed

11 October 2019: 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.

Contact

Please send written representations about any competition issues to:

Egle Pazeraite
Competition and Markets Authority
The Cabot
25 Cabot Square
London
E14 4QZ

Egle.Pazeraite@cma.gov.uk

Published 11 October 2019
Last updated 14 February 2020 + show all updates
  1. Undertakings in lieu of reference accepted

  2. Proposed undertakings and notice of consultation published.

  3. Full texts of the decision to consider undertakings, and the decision to refer unless undertakings accepted published.

  4. CMA to consider undertakings offered.

  5. Reference unless undertakings accepted announced.

  6. First published.