CMA formally clears specialist insurance merger
The CMA has formally cleared the completed acquisition by Xchanging of certain companies comprising all of the European operations of Agencyport.
Xchanging plc (Xchanging) and Agencyport Software Group (Agencyport) supply specialist software to the insurance industry, in particular insurers and reinsurers operating in the London Company Market and Lloyd’s of London registered managing agents.
Today’s decision confirms the provisional findings which were published last month, when the inquiry group of independent panel members examining the merger provisionally concluded that it would not result in a substantial lessening of competition in the market.
The final report and all other information on the investigation can be found on the case page.
Notes for editors
- The Competition and Markets Authority (CMA) is the UK’s primary competition and consumer authority. It is an independent non-ministerial government department with responsibility for carrying out investigations into mergers, markets and the regulated industries and enforcing competition and consumer law. From 1 April 2014 it took over the functions of the Competition Commission and the competition and certain consumer functions of the Office of Fair Trading, as amended by the Enterprise and Regulatory Reform Act 2013.
- Under the Act a relevant merger situation is created if 2 or more enterprises have ceased to be distinct enterprises; and the value of the turnover in the United Kingdom of the enterprise being taken over exceeds £70 million (‘the turnover test’) or as a result of the transaction, in relation to the supply of goods or services of any description, a 25% share of supply in the UK (or a substantial part thereof) is created or enhanced (‘the share of supply test’).
- All the CMA’s functions in phase 2 merger inquiries are performed by inquiry groups chosen from the CMA’s panel members. The appointed inquiry group are the decision makers on phase 2 inquiries.
- The CMA’s panel members come from a variety of backgrounds, including economics, law, accountancy and/or business; the membership of an inquiry group usually reflects a mix of expertise and experience (including industry experience).
- The members of the Xchanging/Agencyport merger inquiry group are: Phil Evans (Chairman), Sarah Chambers, Tony Morris and Graham Sharp.
- Enquiries should be directed to Siobhan Allen (siobhan.allen@cma.gsi.gov.uk, 020 3738 6460).
- For more information on the CMA, see our homepage, or follow us on Twitter @CMAgovuk, Flickr and LinkedIn. Sign up to our email alerts to receive updates on mergers cases.