New Hurdle For Deals And Competition Clearance Needed For 'Below Threshold' Transactions?

1) Introduction

1.1) A recent consideration for dealmakers to take into account is the changes to Irish competition law which will provide strengthened merger control powers for the Competition and Consumer Protection Commission (the "CCPC") to 'call in' or compel notification of 'below threshold' transactions and not subject to mandatory notification. This new regime has been flagged as being particularly relevant for deals in the tech and pharma sectors (where targets may have great potential but remain below the mandatory turnover thresholds) or small concentrated markets and require dealmakers to build in additional time to obtain the necessary approvals. However, companies in the tech and pharma sectors are not the only ones who need to be vigilant. The CCPC have previously reviewed 'below threshold' deals eg, in Eason / Argosy, and Matheson has been increasingly advising on this issue recently. As such, the new regime is to a large extent formalising the