For the first time, the UK Competition and Markets Authority
(CMA) has flexed its regulatory muscles by ordering the unwinding
– during the course of its ongoing investigation – of a
completed acquisition. In a demonstration of its willingness to use
all of the tools at its disposal – regardless of deal size or
complexity – the CMA ordered Tobii AB (Tobii) to reverse any
integration that had taken place as a result of its completed
acquisition of Smartbox Assistive Technology Limited and Sensory
International Ltd (Smartbox).
Background
Tobii announced its acquisition of Smartbox for
£11 million in cash through a debt-financed deal in August
2018. Both are relatively small tech companies that provide
specialist "augmentative and assistive communication"
(AAC) for those with speech disabilities through hardware and
software solutions, including eye-gaze cameras.
