Cochlear / Oticon merger inquiry
The CMA investigated the anticipated acquisition by Cochlear Limited of the hearing implants business of Demant A/S, known as Oticon Medical.
Phase 2
Administrative timetable
Referral date: 20 December 2022
Statutory deadline: 31 July 2023
- (18.5.23)
Contact
Case closure summary
29 May 2024: On 17 May 2024, pursuant to final undertakings that it accepted from Cochlear and Demant, the CMA approved the sale of Demant’s cochlear implants business to Cochlear. This brings the merger investigation to a close.
- (29.5.24)
Remedy Group appointed
24 August 2023: The CMA has appointed the Remedy Group. Kip Meek (Chair), Anne Fletcher, Keith Richards and David Thomas.
Final undertakings
24 August 2023: The CMA has accepted final undertakings and the reference has now been fully determined.
- (30.8.23)
- (30.8.23)
Notice of proposal to accept final undertakings
2 August 2023: The CMA gives notice of the proposal to accept final undertakings and is inviting comments on the proposed draft undertakings by 5pm on 16 August 2023.
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(2.8.23)
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(2.8.23)
Final report
22 June 2023: The CMA has published its final report.
- (22.6.23)
- (22.6.23)
- (22.6.23)
- Press Notice: CMA action protects outcomes for hearing implant patients (22.6.23)
Notice of extension of statutory period
- (18.5.23)
Responses to provisional findings and possible remedies
- (18.5.23)
- 12.5.23)
- (12.5.23)
- (12.5.23)
Provisional findings
20 April 2023: The CMA has provisionally found competition concerns as part of its in-depth investigation of the anticipated acquisition by Cochlear Limited of the hearing implants business of Demant A/S, known as Oticon Medical.
The deadline for submitting responses to the provisional findings is Thursday 11 May 2023.
The deadline for submitting responses to the notice of possible remedies is Thursday 4 May 2023.
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(20.4.23)
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(20.4.23)
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(20.4.23)
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(20.4.23)
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(20.4.23)
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Press Notice: Hearing implants deal could mean worse outcomes for patients (20.4.23)
Responses to the issues statement
- (21.3.23)
- (20.3.23)
Issues statement
20 January 2023: The issues statement sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions. The deadline for submissions on the issues statement is 5pm, 3 February 2023.
- (20.1.23)
Inquiry group appointed
21 December 2022: The CMA has appointed the inquiry group.
Kip Meek (Chair), Anne Fletcher, Keith Richards and David Thomas.
Terms of reference
20 December 2022: The CMA has referred the anticipated acquisition by Cochlear Limited of the hearing implants business of Demant A/S, known as Oticon Medical, for an in-depth investigation.
- (20.12.22)
Statutory timetable
| Phase 1 | Action |
|---|---|
| 6 December 2022 | Phase 1 decision announced |
| 14 November 2022 | Initial enforcement order |
| 11 October 2022 to 25 October 2022 | Invitation to comment |
| 11 October 2022 | Launch of merger inquiry |
Phase 1
Reference decision
20 December 2022: The CMA has referred the anticipated acquisition by Cochlear Limited of the hearing implants business of Demant A/S, known as Oticon Medical, for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.
- (20.12.22)
Reference unless undertakings accepted
6 December 2022: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.
- (20.1.23)
- (6.12.22)
- Press release: Hearing implants merger could mean worse deal for NHS and patients (6.12.22)
Initial enforcement order
14 November 2022: The CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on Demant A/S and its Oticon Medical subsidiaries, in relation to the anticipated acquisition by Cochlear Limited of the hearing implants business of Demant A/S, known as Oticon Medical.
- (17.11.22)
Amendments/consents granted:
- (18.8.23)
- (11.7.23)
- (11.7.23)
- (8.6.23)
- (24.5.23)
- (10.5.23)
- (2.5.23)
- (27.3.23)
- (3.3.23)
- (24.2.23)
- (24.2.23)
- (8.2.23)
- (8.2.23)
- (29.12.22)
- (14.12.22)
- (1.12.22)
- (17.11.22)
Launch merger inquiry
11 October 2022: The CMA announced the launch of its merger inquiry by notice to the parties.
- (11.10.22)
Invitation to comment: Now closed
11 October 2022: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
To assist it with this assessment, the CMA invited comments on the transaction from any interested party.
Updates to this page
Last updated 29 May 2024 + show all updates
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Case closed
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Notice to accept final undertakings and Final undertakings published
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Derogation published
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Notice of proposal to accept final undertakings published.
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Derogations published.
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Full text, appendices and glossary published.
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Derogation published.
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Statutory deadline extended, administrative timetable, notice of extension and Cochlear’s response to the provisional findings published.
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Responses to possible remedies published.
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Derogation published.
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Derogation published.
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Full provisional findings report, appendices and glossary published.
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Summary of provisional findings, notice of possible remedies and notice of provisional findings published.
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Derogation published.
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Responses to issues statement published.
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Derogation published.
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Derogations published.
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Derogations published.
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Issues statement, administrative timetable and phase 1 full text decision published.
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Derogation published
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Inquiry group appointed.
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Decision to refer, terms of reference and administrative timetable published.
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Derogation published.
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Summary of phase 1 decision published.
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Derogation published
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Initial enforcement order and derogation published.
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First published.