Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: EC approves acquisition of Cushman & Wakefield by DTZ, (Aug 28, 2015)

By Linda O’Brien, J.D., LL.M.

The European Commission (EC) has cleared under the European Union (EU) merger regulation the acquisition of Cushman & Wakefield (C&W) by DTZ, both of the United States., the EC announced today.

C&W is a provider of real estate services, generating the majority of its revenues in North America. DTZ is a provider of commercial real estate services in Asia, Europe, and North America. The Commission concluded that the proposed acquisition would raise no competition concerns, because of the companies' low combined market shares and the presence of a number of strong competitors. The transaction was examined under the normal merger review procedure.

Evo Payments-Raiffeisen joint venture. The EC has also approved under EU merger regulation the creation of two separate joint ventures by EVO Payments International with the Polish and the Czech subsidiaries of Raiffeisen Bank International AG, an Austrian bank with international activities. EVO provides payment and acquiring services. The two joint ventures will provide payment card processing services in Poland and in the Czech Republic. The Commission concluded that the proposed transactions would not raise competition concerns because the activities of EVO and Raiffeisen overlap only to a limited extent on the concerned markets.

Mahindra World City-Sumitomo joint venture. The creation of a joint venture by Mahindra World City Developers of India and Sumitomo of Japan has been approved by the EC under EU merger regulation, the Commission announced on August 27. Mahindra World City Developers is active in land development for industrial, commercial and residential use. Sumitomo is a global general trading company. The joint venture will operate an industrial park in Chennai, India. The Commission concluded that the proposed acquisition would raise no competition concerns, because the joint venture will have no activity in the European Economic Area (EEA).

Valida-Raiffeisen merger. Also on August 27, the EC approved under the EU merger regulation the acquisition of Valida by Raiffeisen Zentralbank Österreich (RZB), both of Austria. RZB is the central institution of the Raiffeisen Banking Group Austria. It is active in financial services and also provides a number of services to its members. Valida offers company pension plans in Austria. The Commission concluded that the proposed acquisition would not raise competition concerns, because the companies' activities do not overlap.

Companies: Cushman & Wakefield, Inc.; DTZ; EVO Payments International; Raiffeisen Bank International AG; Mahindra World City Developers; Sumitomo Corporation; Valida Holding AG; Raiffeisen Zentralbank Österreich

News: AcquisitionsMergers Antitrust