Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: SCI seeks approval to sell California funeral home, (Oct 31, 2014)
Organizations Mentioned:Claney Oatmeyer Semenyuk, Inc. | Service Corporation International | Stewart Enterprises, Inc.
By Greg Hammond, J.D.
Service Corporation International (SCI) has submitted a petition to divest Lassila Funeral Chapel in Auburn, California to Claney Oatmeyer Semenyuk, Inc. The FTC has consequently announced a 30-day public comment period regarding the application (In the Matter of Service Corporation International, File No. 131 0163, Docket No. C-4423).
The petition has been submitted pursuant to a December 2013 decision and order settling charges that SCI’s acquisition of Stewart Enterprises, Inc. would be anticompetitive. The order requires that SCI divest 53 funeral homes and 38 cemeteries to ensure funeral home and cemetery services competition is maintained across the United States. SCI was already the largest provider of funeral and cemetery services when it proposed the $1.4 billion acquisition of Stewart, the second-largest funeral and cemetery provider with 217 funeral homes and 141 cemeteries.
In support of its petition, SCI asserted that Claney has extensive experience in acquiring and operating funeral homes and/or cemeteries; has the financial wherewithal to make the acquisition; and the acquisition of the business in question by Claney will assure that business remains a strong and effective competitor.
Companies: Service Corporation International; Stewart Enterprises, Inc.; Claney Oatmeyer Semenyuk, Inc.
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