UK National Security and Investment Act 2021: what do investors need to know?

On 4 January 2022 the UK National Security and Investment (NSI) Act enters into force, introducing a new foreign direct investment (FDI) regime with standalone powers for the review of FDI in the UK. The new regime replaces the existing public interest merger regime provisions of the Enterprise Act 2002 insofar as a transaction involves … Read more

The UK’s new NSI regime – Key practical insights

On 3 November 2021 Herbert Smith Freehills LLP hosted a webinar, with speakers from the Department for Business, Energy and Industrial Strategy (BEIS), on the UK’s new National Security and Investment regime.  The new regime will overhaul the ability of the UK Government to review transactions on national security grounds, and potentially require remedies to … Read more

“Gathering Steam” – Competition Appeal Tribunal certifies CPO applications on behalf of large class of rail passengers

On 19 October 2021, in Justin Gutmann v First MTR South Western Trains Limited and another,1 the Competition Appeal Tribunal (“CAT“) approved two applications for a collective proceedings order (“CPO“) under the UK’s competition class action regime introduced in 2015. Gutmann, which concerns allegations that a large class of rail passengers who held Transport for … Read more

Illumina challenges the European Commission’s new approach on merger case referrals: lessons for M&A deals

The Illumina/GRAIL case saga continues.  As we reported in our previous briefing, the Illumina / GRAIL deal provides the first illustrative example of the European Commission’s (‘Commission‘) new approach to try and “catch” transactions using the referral mechanism in Article 22 EU Merger Regulation (‘EUMR‘) that would otherwise fall below the EUMR turnover thresholds. Under … Read more

Africa competition law newsletter

DEVELOPMENTS IN SOUTH AFRICA Burger King South Africa sale back on the table after revised conditions agreed upon New draft guidelines on small merger notification The Tribunal clears Coca-Cola of merger condition breach South African government encourages permitted collaboration to minimise impact of social unrest and strengthen the South African economy Constitutional Court rules on … Read more

Behavioural remedies in merger cases at a crossroads: Higher Regional Court of Düsseldorf overturns FCO clearance for EWE/Telecom JV

Last week the Higher Regional Court of Düsseldorf overturned a decision adopted by the German Federal Cartel Office (FCO) clearing a JV between Telekom Deutschland and EWE, a regional utility company. The JV partners were looking to cooperate in the development of fibre-optic networks in parts of Lower Saxony, North Rhine-Westphalia and Bremen. This is … Read more