Investment commitments are gaining attention as a novel approach
to merger control, reflecting a global shift in how competition
authorities assess the long-term effects of the transactions.
Investment commitments may be considered as part of a wider policy
supporting growth, innovation and investment. While discussions
continue over the necessity of investment commitments in merger
control, the Turkish Competition Authority
("TCA") has recently made a
groundbreaking decision by approving, for the first time in its
enforcement history, a transaction including an investment
commitment.
In its landmark decision, the TCA conditionally cleared the
acquisition of Stellantis Otomotiv Pazarlama Anonim Şirketi
("Stellantis") by Tofaş Türk
OtomobilAnonim Şirketi
("Tofaş") as a result of its Phase
II investigation. The parties' initial commitments, submitted
in 2024, were not considered sufficient and rejected by the TCA. In
this regard, the parties proposed revised
