


Kyriakos Fountoukakos
Kyriakos is Managing Partner of Herbert Smith Freehill’s Brussels office and Regional Head of Competition, Regulation and Trade, EMEA. He is a competition law specialist with more than two decades of experience practising competition law and deals with all aspects of EU and UK competition law including merger control, cartels, antitrust investigations and advice, and competition litigation before the EU courts. Kyriakos has advised clients in a broad range of industries including TMT, pharmaceuticals, energy and mining, financial services, consumer goods and transport. Kyriakos works closely with the Herbert Smith Freehills network to provide advice on multi-jurisdictional transactions and investigations. Kyriakos was formerly a European Commission official at DG Competition’s Merger Task Force and Referendaire (Legal Secretary) at the Cabinet of the then President of the EC Court of First Instance, Mr Bo Vesterdorf. Kyriakos is an officer (currently vice co-chair) of the IBA’s antitrust committee. He is active in speaking and writing about competition law and is co-editor of the mergers chapter of Jones & Van der Woude’s EU Competition Law Handbook. Kyriakos has studied at the University of Athens (LLB), King’s College London (LLM), the University of Cambridge (MPhil in European studies) and Columbia Law School, New York (LLM). He is qualified as a Greek lawyer, as a solicitor in England and Wales and as a Belgian Advocaat. Kyriakos is fluent in English, Greek and French.
Distinctions
Nominee, 2021 Antitrust Writing Awards: Academic, Procedure
Nominee, 2021 Antitrust Writing Awards: Business, Intellectual Property
Nominee, 2020 Antitrust Writing Awards: Academic, Unilateral Conduct
Nominee, 2019 Antitrust Writing Awards: Academic, Unilateral Conduct
Nominee, 2018 Antitrust Writing Awards: Business, Mergers
Nominee, 2016 Antitrust Writing Awards: Business, Concerted Practices
Nominee, 2015 Antitrust Writing Awards: Academic, Procedure
Nominee, 2014 Antitrust Writing Awards: Business, Mergers
Nominee, 2013 Antitrust Writing Awards: Business, General Antitrust
Nominee, 2012 Antitrust Writing Awards: Academic, Mergers
Linked authors
4740 | Conferences

Articles
52403 Bulletin
121
On 6 April 2022, the European Commission (“Commission”) issued Guidance to Member States on how to screen foreign direct investment (“FDI”) from Russia and Belarus into the EU, in light of the ongoing military conflict in Ukraine (“FDI Guidance”). Following Russia’s unjustified attack against (...)
670
The EU Parliament and Council reached political agreement on the Digital Markets Act (DMA) late on Thursday night. The Commission has been quick to welcome the agreement, stating that the DMA “will bring fairer conditions to consumers and businesses for many digital services across the EU” (see (...)
563
On 1 March 2022 the EU Commission published, for consultation, its draft revised rules on horizontal cooperation agreements. The rules consist of two horizontal block exemption Regulations (covering Research & Development agreements and Specialisation agreements) and Guidelines on the (...)
164
In March the European Commission (“Commission”) published, for consultation, its draft revised Guidelines on the application of Article 101 TFEU to horizontal cooperation agreements (“draft revised Horizontal Guidelines”). The proposed revisions are important as they update and expand the existing (...)
645
The European Commission (“Commission”) is currently reviewing its Guidelines on Vertical Restraints (“Vertical Guidelines”) within the broader context of the review of the Vertical Block Exemption Regulation (“VBER”) and consulted on its proposals last year. It has now launched a further consultation (...)
426
On 20 January 2022 the European Commission (“Commission“) published its final report on the consumer Internet of Things (“IoT“) sector inquiry, largely confirming its preliminary findings issued in July 2021. These include concerns around high market entry barriers, the influence on the market of a (...)
172
The Illumina/GRAIL case saga continues. As we reported in our previous briefing, the Illumina / GRAIL deal provides the first illustrative example of the European Commission’s ("Commission") new approach to try and “catch” transactions using the referral mechanism in Article 22 EU Merger (...)
337
On 10 September 2021, the European Commission (“Commission”) published a competition policy brief in which it provides more detail on its policy approach in its upcoming sustainability guidance. Following a call for contributions last year and a conference bringing together relevant stakeholders (...)
845
On 9 July 2021, following a comprehensive consultation process, the EU Commission (Commission) published its proposals for a revised Vertical Block Exemption Regulation (Draft VBER) and Draft Vertical Guidelines, due to replace the current regime which expires on 31 May 2022. The previous (...)
1114
On 22 June 2021 the European Commission (“Commission”) revealed that it had carried out surprise inspections at the German premises of a company active in the clothing sector, suspected of infringing competition rules. This was the first unannounced inspection, or “dawn raid”, conducted by the (...)
323
On 5 May 2021, the European Commission (Commission) issued its proposal for a Regulation on foreign subsidies distorting the EU market. This follows on from the Commission’s White Paper issued in June 2020 and the extensive public consultation that ensued. The primary objective of this (...)
580
On 26 March 2021 the EU Commission (Commission) published revised guidance on the referral mechanism set out in Article 22 of the EU Merger Regulation (EUMR), under which the Commission will now accept referrals from Member States for deals that fall below the domestic jurisdictional thresholds (...)
625
On 25 March 2021, the Court of Justice of the EU (“CJEU”) dismissed the appeals by Lundbeck and five producers of generic medicines against the General Court’s (GC) judgments that upheld the Commission’s decision and the fines it had imposed in its first pay-for-delay infringement decision in 2013. (...)
646
On 4 March 2021 the EU Commission announced it has launched a formal investigation into possible anti-competitive conduct by pharmaceutical company Teva in relation to its blockbuster drug Copaxone, which is used in the treatment of multiple sclerosis. The patent for the active ingredient in (...)
167
“When the price of a drug suddenly goes up by several hundred percent, this is something the Commission may look at” Commissioner Vestager said when opening a formal investigation into Aspen’s alleged excessive pricing conduct in May 2017. On 10 February 2021, the EU Commission (Commission) (...)
459
On 4 February 2021, the European Commission’s long-awaited Conference on Competition Policy Contributing to the European Green Deal took place. The conference was opened by Commission Executive Vice President and Commissioner in charge of competition policy, Margrethe Vestager. The European (...)
259
On 27 January 2021, the Court of Justice of the EU (CJEU) dismissed in its entirety an appeal brought by the Goldman Sachs Group (Goldman Sachs) against a General Court ruling which confirmed Goldman Sachs’ joint and several liability in the 2014 power cables cartel (judgment here). The CJEU (...)
492
Today, the German parliament passed the “Digital Competition Act” which is the 10th amendment to the Act against Restraints of Competition (ARC). The amended law – which will very likely enter into force January 2021 – will bring about significant changes to the German competition law landscape. (...)
130
On 1 January 2021, with the end of the Brexit transition period, the UK entered the real world of Brexit. This has immediate implications for merger control both in the UK and the EU. Any companies involved in deals need to be aware of the impact. As of 1 January 2021 the EU Merger Regulation (...)
328
On 18 December 2020 the Commission published a further consultation on its proposals for a revised vertical agreements block exemption Regulation (VBER) and guidelines. The Commission’s steps to date, and conclusions of its evaluation phase, are set out in our HSF Notes post from 17 September (...)
393
On 15 December the European Commission announced far-reaching proposals for regulation of the digital sector in the form of a Digital Services Act (DSA) and a Digital Markets Act (DMA). In summary the DSA contains new rules including on illegal content and transparency. It applies to all (...)
192
The German FCO has not lost its appetite to take on major tech companies. Today, it has announced that it has initiated abuse proceedings against Facebook to examine the linkage between Oculus virtual reality products and Facebooks’ social network. The accusations against Facebook Facebook’s (...)
118
The CMA has today (2 December 2020) launched a market study into the electric vehicle charging sector in the UK. The study will consider two broad themes: how to develop a competitive sector while also attracting private investment to help the sector grow; how to ensure people using electric (...)
149
In July 2020, the UK’s Competition and Markets Authority (“CMA”) published its market study final report “Online platforms and digital advertising” (“Report”) (see the Report here). The Report includes significant recommendations on the future regulation of platforms funded by digital advertising, (...)
521
On 28 May 2020 the General Court handed down its ruling in CK Telecoms UK Investment Ltd v European Commission (Case T-399/16) in which it annulled the EU Commission’s decision which prohibited the proposed acquisition by CK Hutchison Holdings Ltd (Hutchison) of Telefónica Europe plc (O2). The (...)
386
On 8 April 2020 the Commission published a ‘Temporary framework for assessing antitrust issues related to business cooperation in response to situations of urgency stemming from the current COVID-19 outbreak’ (Temporary Framework). The Commission recognises the exceptional challenges faced by (...)
256
On 10 March 2020 the UK Court of Appeal handed down its hotly anticipated judgment in Flynn Pharma Limited & Anr vs Competition and Markets Authority. The UK Competition and Markets Authority (CMA) was seeking to reinstate record fines totalling £89.4m imposed on pharmaceutical companies (...)
389
On 30 January 2020 the European Court of Justice (“ECJ”) clarified for the first time the criteria governing whether so-called “pay-for-delay” agreements entered into between originator and generic pharmaceutical companies fall foul of EU competition law rules. Such agreements are a form of patent (...)
60
On 31 January 2020, at 11pm GMT, the UK ceased to be a Member State of the EU and the transition period provided for in Article 126 of the Withdrawal Agreement started to run. This briefing looks at the provisions in the Withdrawal Agreement that are relevant for merger control, both during the (...)
80
On 10th May 2019 the CMA secured the disqualification of three former directors of companies involved in a bid rigging cartel in the design, construction and fit-out services sector. The three directors have given legally binding disqualification undertakings under which they will be banned (...)
106
In a preliminary ruling request made by the Finnish Supreme Court on the question of the relevant entities liable for damages, the Court of Justice of the EU (CJEU) held that principles applied in order to determine the relevant entities for liability for fines under Articles 101 and 102 TFEU (...)
61
On 11 February 2019 the Competition Appeal Tribunal (CAT) upheld the CMA’s first infringement decision for breach of an interim order imposed on a completed merger under investigation. Electro Rent had served a break notice on the lease of its UK premises without first seeking the CMA’s consent (...)
78
On 7 February 2019, after almost three years of investigation, Germany’s Federal Cartel Office ("FCO") issued its long awaited decision on Facebook’s data collection practices. The FCO found that Facebook has a dominant position on the German market for social networks, and abused this position (...)
70
On 7 September 2018, the Competition Appeal Tribunal ("CAT") handed down its judgment in Ping upholding the Competition and Market Authority ("CMA")’s decision that Ping’s online sales ban ("OSB") constituted a restriction of competition by object under EU and UK competition law. The aim of (...)
46
The General Court’s ruling in Goldman Sachs’ appeal in the power cables cartel confirms that the bank was jointly and severally liable for the conduct of Prysmian, one of the cartelists, because of the nature of its investment in the company. The General Court confirmed that the Commission was (...)
67
For the first time since the EU Merger Regulation (EUMR) came into force the Court of Justice of the EU (CJEU) has provided guidance on the scope the standstill obligation (Article 7(1) EUMR) which prevents parties implementing their transaction before the EU Commission issues a clearance (...)
72
In its hotly anticipated ruling in the Coty case, the Court of Justice of the EU (CJEU) has held today that, in the context of a selective distribution system, a restriction imposed on an authorised retailer not to sell the goods through online third-party platforms does not infringe Article (...)
44
On 13 September 2017 the EU Commission unveiled a set of proposals for the screening of foreign direct investments into the EU. Whereas the Commission recognises the benefits of foreign direct investment and its importance for growth, jobs and innovation in the EU, it also wants to be in a (...)
54
On 18 May 2017, the European Commission imposed a record fine of €110 million on Facebook for providing incorrect/misleading information to the Commission during its review of Facebook’s acquisition of WhatsApp under the EU merger regulation (EUMR). On the same day, the Commission issued a (...)
60
On 18 May 2017, the European Commission imposed a record fine of €110 million on Facebook for providing incorrect/misleading information to the Commission during its review of Facebook’s acquisition of WhatsApp under the EU merger regulation (EUMR). On the same day, the Commission issued a (...)
137
On 10 May 2017 the EU Commission published its final report in the e-commerce sector inquiry launched in May 2015 as part of a wider Digital Market Strategy which aims to achieve better access for consumers and businesses to online goods and services across the EU. The aim of the sector inquiry (...)
66
On 9 April 2019, the European Commission published the full text of its decision to fine Crédit Agricole, HSBC and JPMorgan Chase for participating in a cartel in the euro interest rate derivatives ("EIRD") sector. While four of the seven participating banks settled the case with the Commission (...)
70
In Intel’s appeal against the General Court’s judgement of June 2014 (which upheld the Commission’s decision that Intel abused its dominant position by virtue of operating exclusivity rebate schemes – see here for our e-bulletin on the judgment), Advocate General Wahl recommends that the Court of (...)
52
Yesterday the Commission published the much anticipated preliminary report in its ecommerce sector inquiry. The report was initiated in response to rapid growth in online sales activity over recent years and signals renewed commitment on the part of the EU in enforcing the competition rules in (...)
94
On 8 September 2016 the General Court (GC) handed down its judgments in relation to the appeals brought by Lundbeck and a number of generic companies (Sun Pharma (Ranbaxy), Arrow, Generics UK, Merck and Xellia/Alpharma) against a European Commission (Commission) decision finding that the (...)
758
Introduction With merger control regimes in place in a very large number of jurisdictions around the world - all EU Member States but one and an increasing number of countries worldwide have merger control regimes - the topic of mergers and joint ventures encompasses numerous issues and (...)
303
This article has been nominated for the 2016 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. Introduction On 6 October 2015, the European Court of Justice (the Court) issued its preliminary ruling in Post Danmark A/S v Konkurrencerådet (Competition (...)
455
Introduction and background On 4 November 2015, the UK Competition and Markets Authority ("CMA") accepted final undertakings from Reckitt Benckiser Group plc ("RB") and Johnson & Johnson ("J&J") in relation to RB’s proposed acquisition from J&J of the K-Y brand of personal lubricant (...)
141
This article has been nominated for the 2016 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. The supranational merger control regime of the Common Market for Eastern and Southern Africa ("COMESA") has been fully operational since 14 January 2013. The (...)
370
This article has been nominated for the 2016 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. In its ruling of 19 March 2015 (Case C-286/13P) relating to the banana cartel, the Court of Justice of the EU (CJEU) dismissed the appeal by banana importer Dole (...)
147
Background to the Court of Appeal judgment Akzo Nobel N.V. ("Akzo") is a company incorporated in the Netherlands. Its subsidiary, Akzo Coatings International BV ("ANCI"), was seeking to exercise its option to acquire 51% (and as a result control) of the shareholding in Metlac Holding S.r.l. (...)
331
1. Introduction That the technology sector has never been under greater scrutiny from antitrust regulators is without question. The past two years alone have seen a number of major investigations by regulators around the world into, for example, the distribution of e-books, several aspects of (...)
766
1. Introduction On 12 December 2012 the EU General Court dismissed Electrabel’s appeal against the €20 million fine the European Commission had imposed on it for failing to notify a transaction - the acquisition of a minority shareholding - to the Commission under the EU Merger Regulation (...)
1474
1. Introduction The Court of Justice of the EU (ECJ) has dismissed AstraZeneca’s appeal against the Commission’s and General Court’s findings that the company abused its dominant position under Article 102 TFEU by misusing the patent system and pharmaceutical marketing procedures in order to (...)
398
In May 2012 Vue Entertainment International Limited ("Vue") acquired sole control of Apollo Cinemas Limited ("Apollo"). In its decision of 24 August 2012 published in October 2012, the Office of Fair Trading ("OFT") stated that the acquisition had resulted or may be expected to result in a (...)
445
In May 2012 the Office of Fair Trading (OFT) opened a merger investigation into the acquisition by Facebook Inc (Facebook) of Instagram Inc (Instagram). This was the first time a merger involving Facebook, the global colossus in the social networking industry, publicly came under the scrutiny (...)
181
The acquisition of Ryanair’s minority stake in Aer Lingus is currently under investigation by the Competition Commission (CC) under the merger control regime of the Enterprise Act 2002, despite a series of jurisdictional challenges and a potentially conflicting transaction (a renewed bid by (...)
434
The acquisition of Ryanair’s minority stake in Aer Lingus is currently under investigation by the Competition Commission (CC) under the merger control regime of the Enterprise Act 2002, despite a series of jurisdictional challenges and a potentially conflicting transaction (a renewed bid by (...)
232
On 1 May 2012 the Competition Commission (CC) published its decision on the anticipated joint venture between Anglo American PLC and Lafarge SA in the market for construction materials. The CC concluded that the proposed joint venture would give rise to a substantial lessening of competition in (...)
457
On 1 May 2012 the Competition Commission (CC) published its decision on the anticipated joint venture between Anglo American PLC and Lafarge SA in the market for construction materials. The CC concluded that the proposed joint venture would give rise to a substantial lessening of competition in (...)
577
Introduction On 10 October 2011, the UK Office of Fair Trading (the «OFT«) referred the anticipated 50/50 joint venture between in-flight catering services companies Alpha Flight Group Limited («Alpha«) and LSG Lufthansa Service Holding AG («LSG«) to the Competition Commission (the «CC«), for an (...)
935
1. Introduction In our foreword to e-Competition’s 2011 Mergers and Joint Ventures Special Issue we noted the ever-increasing number of national jurisdictions with merger control regimes, and the effect of multiple-filing requirements on businesses and practitioners involved in M&A (...)
308
Introduction On 10 October 2011, the UK Office of Fair Trading (the "OFT") referred the anticipated 50/50 joint venture between in-flight catering services companies Alpha Flight Group Limited ("Alpha") and LSG Lufthansa Service Holding AG ("LSG") to the Competition Commission (the "CC"), for (...)
1139
All views expressed are strictly personal views of the author. The present case note does not constitute legal advice and should not be relied on as such. The author would like to thank Natalia Sivakumaran, associate at Herbert Smith LLP in London, for her assistance with the preparation of (...)
237
I. Introduction and background Ordnance Survey (OS) is an independent non-ministerial government department which produces a wide range of mapping products. Local Government Improvement and Development (LGID) is the business name of the Improvement and Development Agency for Local Government (...)
548
Introduction and background Ratcliff Palfinger (Ratcliff) manufactures and supplies tail lifts for commercial vehicles, passenger vehicles and trains. Ross & Bonnyman (R&B) manufactures and supplies tail lifts for commercial vehicles, ambulances and mezzanine and yard lifts. Both (...)
630
Introduction and background Assa Abloy AB (AA) is an international manufacturer and supplier of locks and associated products, sold under a number of brands in the UK, with Yale being its most well-known. Paddock Holdings Limited (Paddock) is a UK-based manufacturer and supplier of multi-point (...)
797
Introduction and background This was a transaction involving two companies (Rex Features Limited - “Rex” - and Getty Images, Inc - “Getty”) with overlapping activities in the licensing of stock and editorial images to media companies (in particular celebrity and entertainment images). The two (...)
1675
Introduction and background to the CAT judgment The merger of Stagecoach Group Plc (“Stagecoach”) and Preston Bus Limited (“PBL”) was referred to the UK Competition Commission (the “CC”) by the UK Office of Fair Trading on 28 May 2009. According to section 36 of the Enterprise Act 2002 (the “Act”), (...)
1777
Following a reference of the case to it from the OFT, on 22 December 2009, the UK Competition Commission ("CC") announced that it had decided to clear unconditionally the proposed merger of Ticketmaster Entertainment Inc. ("Ticketmaster"), a ticketing agent, and Live Nation Inc. ("Live (...)
2317
On 28 August 2009, the UK’s Office of Fair Trading ("OFT") announced that it had unconditionally cleared the acquisition of assets by Smiths News from Surridge Dawson (the "Transaction"). Both parties were active in the supply of wholesale newspaper and magazine distribution in the UK. The (...)
1321
On 11 June 2009, the Office of Fair Trading ("OFT") announced that it had decided to refer the proposed merger of Ticketmaster Entertainment Inc ("Ticketmaster") and Live Nation Inc ("Live Nation") to the Competition Commission ("CC") for an in-depth investigation. Despite the fact that there (...)
4003
On 28 April 2009, the Office of Fair Trading (“OFT”) announced that it had decided to clear the acquisition of 15 stores belonging to the Zavvi entertainment retail chain by HMV plc (“HMV”) on the basis that the Zavvi stores were a “failing firm”. The so-called failing firm defence can override prima (...)
1487
On 29 January 2009, the Office of Fair Trading (the "OFT") announced that it had cleared the acquisition of Lochard Ltd by Spectris plc on the basis of the de minimis exception. This is only the seventh case in which the OFT has used the de minimis exception as grounds for a decision not (...)
3736
On 8 August 2008, the Office of Fair Trading (“OFT”) announced that it had cleared the London aspects of the acquisition by Global Radio UK Limited (“Global”) of GCap Media plc (“GCap”) on the basis that the acquisition was expected to generate significant efficiencies that will benefit advertisers (...)
3091
On 1 May 2008 the OFT cleared the completed acquisition by General Healthcare Group (GHG) of seven hospitals from Nuffield Hospitals, following the on-sale of two of the nine hospitals GHG had originally acquired. The on-sale arrangements removed the problematic overlap in two of the local (...)
4626
On 4 February 2008, the Office of Fair Trading ("OFT") announced that it had suspended its duty to refer Dunfermline Press Limited‘s ("DPL ") acquisition of the Berkshire Regional Newspapers ("BRN") portfolio of 8 local newspaper titles from Trinity Mirror plc to the Competition Commission (...)
3371
On 18 January 2008, the UK’s Office of Fair Trading (“OFT”) announced that it had cleared unconditionally the purchase of GB Airways Limited (“GB Airways”) by easyJet Airline Company Limited (“easyJet”). The OFT focused on relatively narrowly defined markets, considering scheduled flights on (...)
249
"Judicial review and merger control: The CFI’s expedited procedure"* 1. Introduction The recent introduction by the Court of First Instance (CFI) of an expedited (’fast-track’) procedure for certain cases, including in particular merger cases, has been greeted positively by the business and (...)
2525 Review
836
This article has been nominated for the 2018 Antitrust Writing Awards. Click here to learn more about the Antitrust Writing Awards. This article updates the article published by the authors in 2012 on the treatment of Chinese SOEs involved in acquisitions of European companies under the EU (...)
396
The present article provides readers with a fair view of the existing trends based on cases reported in e-Competitions and alternative sources gathered by the author. Readers are welcome to bring to the attention of the editors any other relevant cases I. Introduction 1. That the technology (...)
1293
In 2011, the European Commission cleared five concentrations involving Chinese State-owned companies under the EU Merger Regulation using rules that were primarily designed to apply to European State-owned companies and entities. The sensitivity of the issue of Chinese takeovers of European (...)
Books

This Liber Amicorum highlights the global reach of Professor Whish’s influence. Enforcers, academics and practitioners from around the world pay tribute to the mastery of competition law that (...)

This second edition of the Digest is enriched with a selection of more than 50 essays on European competition cases from the 27 European Union Member States, EU law, and US law. Each essay (...)

The purpose of this book is to compare and contrast EU competition case law with European Members States competition case law, and Members States competition case law with each other. To the best (...)