Baker Hughes Nederland Holdings B.V. / Oz MidCo AS (Altus Intervention) merger inquiry

The CMA is investigating the anticipated acquisition by Baker Hughes Nederland Holdings B.V. of Oz MidCo AS (Altus Intervention).

• From: Competition and Markets Authority
• Published: 27 September 2022
• Last updated: 11 April 2023 — See all updates

• Case type: Mergers
• Case state: Closed
• Market sector: Oil and gas refining and petrochemicals
• Outcome: Mergers - phase 1 clearance with undertakings in lieu
• Opened: 27 September 2022
• Closed: 1 March 2023

Statutory timetable

Phase 1 date	Action
1 March 2023	Undertakings in lieu of reference accepted
17 February 2023	Consultation on modified undertakings in lieu of reference
3 February 2023	Extension of consideration of undertakings in lieu granted
17 January 2023 to 1 February 2023	Consultation on proposed undertakings in lieu of reference
6 December 2022	CMA to consider undertakings offered
22 November 2022	Decision announced
27 September 2022	Launch of merger inquiry
27 September 2022 to 11 October 2022	Invitation to comment

Phase 1

Undertakings in lieu of reference accepted

1 March 2023: The CMA has accepted undertakings in lieu of reference for the anticipated acquisition by Baker Hughes Nederland Holdings B.V. of Oz MidCo AS (Altus Intervention).

• Full text decision (PDF, 243KB) (1.3.23)
• Final undertakings (PDF, 302KB) (1.3.23)

Modified undertakings in lieu of reference consultation: closed

17 February 2023: We are consulting on a modification to the proposed undertakings in lieu of a reference for the anticipated acquisition by Baker Hughes Nederland Holdings B.V. of Oz MidCo AS (Altus Intervention).

• Notice of consultation (PDF, 113 KB) (17.2.23)
• Modified undertakings (PDF, 213 KB) (17.2.23)
• Modified undertakings showing amendments (PDF, 198 KB) (17.2.23)

Extension of consideration of undertakings in lieu

3 February 2023: The CMA has extended the consideration of undertakings in lieu until 31 March 2023.

• Notice of extension (PDF, 88KB) (3.2.23)

Undertakings in lieu of reference consultation: closed

17 January 2023: The CMA is consulting on proposed undertakings in lieu of reference offered by Baker Hughes Nederland Holdings B.V. and Oz MidCo AS (Altus Intervention) for the anticipated acquisition by Baker Hughes Nederland Holdings B.V. of Oz MidCo AS (Altus Intervention).

• Notice of consultation (PDF, 162 KB) (17.2.23)
• Proposed undertaking (PDF, 259KB) (17.2.23)

CMA to consider undertakings offered

6 December 2022: The CMA considers that there are reasonable grounds for believing that the undertakings offered by Baker Hughes Nederland Holdings B.V. and Altus Intervention Group AS or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.

• Decision that undertakings might be accepted (PDF, 143KB) (22.12.22)

Reference unless undertakings accepted

22 November 2022: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for an in-depth investigation unless the parties offer acceptable undertakings to address these competition concerns.

• Full text decision (PDF, 703 KB) (17.1.23)
• Summary of phase 1 decision (PDF, 134KB) (22.11.22)
• Press release: Well intervention services deal could result in increased costs for UK oil and gas production(22.11.22)

Launch of merger inquiry

27 September 2022: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement notice (27.9.22)

Invitation to comment: closes on 11 October 2022

27 September 2022: The CMA is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services. 

To assist it with this assessment, the CMA invites comments on the transaction from any interested party. 

These comments should be provided by the deadline set out above. 

Contact

Please send written representations about any competition issues to:

Rafia Saif

[email protected]

Published 27 September 2022
Last updated 11 April 2023 + show all updates

1. 11 April 2023

   Case closed.

2. 1 March 2023

   The CMA has accepted undertakings in lieu of reference, with full text decision and final undertakings published.

3. 17 February 2023

   Notice of consultation and modified undertakings in lieu of reference consultation published.

4. 3 February 2023

   Notice of extension published.

5. 17 January 2023

   Phase 1 full text decision, proposed undertakings and notice of consultation published.

6. 22 December 2022

   Decision that undertakings might be accepted published.

7. 6 December 2022

   Consider undertakings offered announcement published.

8. 6 December 2022

   Considering undertakings offered announcement published.

9. 22 November 2022

   Phase 1 decision announced.

10. 27 September 2022

    First published.