Within the last six months, the UK's Competition and Markets Authority ("CMA") has issued its three largest fines for breaches of an initial enforcement order ("IEO"). These include fines of GBP 50.5 million and GBP 1.5 million for breaches of an IEO imposed in connection with the completed acquisition by Facebook (now Meta Platforms) of GIPHY, and a fine of GBP 4.7 million for breach of an IEO relating to JD Sports' completed acquisition of Footasylum. Key takeaways The CMA imposes IEOs in completed mergers (and in some cases anticipated mergers) to prevent "pre-emptive action" or integration between the merging parties whilst the CMA undertakes its investigation. The CMA has powers to impose fines of up to 5% of merging parties' combined worldwide turnover for breaching an IEO. The
The UK Competition Authority imposes its 3 largest fines totalling £56.7M for breaches of initial enforcement orders in connection with 2 mergers in Big Tech and sportswear (JD Sports / Footasylum) (Meta / Giphy)
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