GTCR / PR Newswire merger inquiry

The CMA investigated the anticipated acquisition by GTCR Canyon Holdings (Gorkana) of the PR Newswire business.

• From: Competition and Markets Authority
• Published: 16 May 2016
• Last updated: 14 July 2016 — See all updates

• Case type: Mergers
• Case state: Closed
• Market sector: Communications
• Outcome: Mergers - phase 1 clearance with undertakings in lieu
• Opened: 16 May 2016
• Closed: 14 July 2016

Statutory timetable

Phase 1 date	Action
8 July 2016	Undertakings in lieu accepted
22 June 2016	Decision published
20 June 2016	Decision announced
17 June 2016	Initial enforcement order
31 May 2016	Launch of merger inquiry
16 May to 25 May 2016	Invitation to comment

Phase 1

Undertakings in lieu of reference accepted

8 July 2016: The CMA has accepted undertakings in lieu of reference for the acquisition by GTCR Canyon Holdings (Gorkana) of the PR Newswire business. A copy of the undertakings and the decision are available below.

• UIL acceptance decision (14.7.16)
• GTCR final undertakings (8.7.16)
• Press release: CMA accepts media contact databases merger remedy (8.7.16)

Undertaking in lieu of reference consultation

22 June 2016: We are consulting on a proposed undertaking in lieu of a reference for the completed acquisition by GTCR Canyon Holdings (Gorkana) of the PR Newswire business.

• Notice of consultation (22.6.16)
• GTCR proposed undertaking (22.6.16)

CMA to consider undertakings offered

21 June 2016: The CMA considers that there are reasonable grounds for believing that the undertakings offered by GTCR, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002. A copy of the notice is available below.

• Notice to consider undertakings offered (22.6.16)

Reference unless undertakings accepted

20 June 2016: 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. The full text of the decision is available below.

• Full text decision (22.6.16)

Initial enforcement order

17 June 2016: The CMA served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on GTCR in relation to the anticipated acquisition by GTCR Canyon Holdings (Gorkana) of the PR Newswire business.

• Initial enforcement order (17.6.16)
• Variation order 23 June 2016 (23.6.16)

Launch of merger inquiry

31 May 2016: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement of initial period notice (3.6.16)

Invitation to comment: Now closed

• Invitation to comment (16.5.16)

Contact

Please send written representations about any competition issues to:

Maxwell Harris
Competition and Markets Authority
Victoria House
Southampton Row
London
WC1B 4AD

maxwell.harris@cma.gsi.gov.uk

Published 16 May 2016
Last updated 14 July 2016 + show all updates

1. 14 July 2016

   Undertakings in lieu acceptance decision published.

2. 8 July 2016

   Undertakings in lieu of reference accepted.

3. 23 June 2016

   Variation order published.

4. 22 June 2016

   Undertakings in lieu of reference consultation launched and full text decision published.

5. 21 June 2016

   CMA to consider undertakings announcement added.

6. 20 June 2016

   Decision announced: reference unless undertakings accepted.

7. 17 June 2016

   Initial enforcement order published.

8. 3 June 2016

   Commencement of initial period notice published,

9. 16 May 2016

   First published.