Facebook’s $400m acquisition of Giphy could be blocked based on fruitless antitrust claims – CityAM : CityAM September 9, 2021 The Competition and Markets Authority have threatened to dissolve Facebook’s £289m acquisition of Giphy based on fruitless allegations the merger would be anti-competitive. The only catch is: Facebook and Giphy are not competitors. Breaking up this deal on antitrust grounds will have international consequences. Regulators across the world are becoming increasingly hostile towards Facebook, as [...]
Watchdog clears £2.9bn Viagogo and StubHub merger September 8, 2021 A $4bn (£2.9bn) merger of ticket resale websites Viagogo and StubHub has been approved by a UK watchdog. Viagogo was given the green light to acquire StubHub after US investment group Digital Fuel Capital agreed to buy part of the business. The Competition and Markets Authority (CMA) had instructed Viagogo to sell StubHub’s operations to [...]
Give your business a boost and ‘move on up’ to North East England September 8, 2021 The coronavirus pandemic has seen organisations in all sectors find new, innovative ways of working. From remote and hybrid offices, to the adoption of new digital technologies like video conferencing and cloud computing; the pace of change has been unprecedented. Another significant trend – one that was well established before the pandemic but has continued [...]
CMA says Sony’s $430m purchase of independent label AWAL raises competition concerns September 7, 2021 The UK’s competition watchdog has today said the US recording giant Sony’s purchase of independent record label AWAL could lead to worse terms for musicians. Sony bought the company, which represents artists such as Jungle, Banks, Nick Cave and the Bad Seeds, and Deadmaus for $430m back in May. At the time, the Competition and [...]
UK chip maker takeover by Chinese firm halted on ‘national security grounds’ September 7, 2021 The merger between UK-based chip maker Perpetuus Group China’s Taurus International has been halted by the business secretary on “national security grounds”. Business secretary Kwasi Kwarteng on Sunday issued a public interest intervention notice to intervene in the proposed acquisition. The Competition and Markets Authority is now set to form a report into the transaction [...]
US Nvidia’s $54bn UK Arm buyout faces EU competition concerns September 7, 2021 European Union officials have reportedly voiced competition concerns over US tech giant Nvidia’s purchase of UK chip design company Arm, in the deal’s latest wave of opposition. The Competition and Markets Authority (CMA) echoed the EU’s sentiment last month, saying the sale raises “serious competition concerns.” The California-based company is preparing to file for regulatory [...]
Afdhel Aziz: Accountants should help businesses realise good is the new cool September 6, 2021 This article first appeared in ICAS’ CA magazine. Afdhel Aziz left a successful career in marketing to found his purpose consultancy, Conspiracy of Love. He tells Laurence Eastham why accountants must help businesses redirect their energies from ‘cool’ to ‘good’ There’s no denying that Afdhel Aziz is cool. He joins the interview with CA magazine from [...]
PCR test firm for travel being investigated over results, refunds and service September 3, 2021 One of the UK’s largest and cheapest PCR test companies focussed on travel is under investigation by the competition watchdog over several service failings. Expert Medicals faces allegations that tests and results were not provided in a timely manner, or at all in some cases, bosses failed to respond to complaints and refunds were not [...]
Brexit: Three CAs from across British industry share how their businesses have been affected September 3, 2021 A Brexit deal may have been signed as the clock struck 2021, but many of the finer details are still being ironed out. Ryan Herman speaks to three chartered accountants (CAs) to discover how their businesses have been affected. This article first appeared in ICAS’ CA magazine. Depending on where you stand on Brexit politically, [...]
Tripped up: Competition watchdog to block JD Sports merger with Footasylum September 2, 2021 JD Sports is “perplexed” and “disappointed” after the CMA announced a preliminary decision to block its planned purchase of Footasylum following an appeal. Kip Meek, chair of the group conducting the inquiry, said the deal “would see Footasylum bought by its closest competitor,” which could lead to a worse shopping experience for customers facing higher [...]