The UK Competition and Markets Authority recently announced its decision not to investigate the anticipated acquisition of Chargeco Topholding BV (Heliox) by Siemens International Holding BV, a wholly owned subsidiary of Siemens AG. The parties first announced the merger in June 2023. On October 27, 2023, the CMA reported that it had launched an inquiry into the merger to determine whether the merger would qualify for an investigation under the Enterprise Act 2002 (“the Act”), as both companies supply chargers for electric passenger buses and other heavy electric vehicles in the UK, .
According to the CMA’s December 4, 2023 decision, an investigation is not warranted under section 33 of the Act because the merger did not meet the threshold requirements of turnover or supply set forth in sections 23(1)(b) and 23(2)(b) of the Act. Specifically, the turnover test was not met because Heliox’s turnover in the UK did not exceed £70 million in 2022, and the supply test was not met because the merging companies’ combined share of goods or services provided in the UK did not meet or exceed 25 percent of the UK market.