ION Investment Group Limited / Broadway Technology Holdings LLC

The CMA investigated the completed acquisition by ION Investment Group Limited of Broadway Technology Holdings LLC.

From:
Competition and Markets Authority
Published
7 April 2020
Last updated
17 August 2021 — See all updates
Case type:
Mergers
Case state:
Closed
Market sector:
Financial services
Outcome:
Mergers - phase 1 clearance with undertakings in lieu
Opened:
7 April 2020
Closed:
10 November 2020
Date Action
10 November 2020 Undertakings in lieu of reference accepted
7 July 2020 Decision announced
20 April 2020 Launch of merger inquiry
8 April to 24 April 2020 Invitation to comment
2 April 2020 Initial enforcement order

Phase 1

Penalty notice

17 August 2021: The CMA has published a notice (dated 7 August 2021) of a penalty imposed on ION Investment Group Limited and ION Trading Technologies Limited (jointly and severally) under section 94A of the Enterprise Act 2002. The CMA imposed the penalty for failures to comply, without reasonable excuse, with the requirements imposed on those companies by the initial enforcement order issued by the CMA under section 72 of the Enterprise Act 2002.

Undertakings in lieu of reference accepted

10 November 2020: The CMA has accepted undertakings in lieu of reference for the completed acquisition by ION Investment Group Limited of Broadway Technology Holdings LLC.

Undertakings in lieu of reference consultation

25 September 2020: We are consulting on proposed undertakings in lieu of a reference for the completed acquisition by ION Investment Group Limited of Broadway Technology Holdings LLC.

Extension of consideration of undertakings in lieu

15 September 2020: The CMA has extended the consideration of UILs until 11 November 2020.

CMA to consider undertakings offered

21 July 2020: The CMA considers that there are reasonable grounds for believing that the undertakings offered by ION, or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.

Reference unless undertakings accepted

7 July 2020: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has resulted or 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 a Phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

Directions under the initial enforcement order

On 19 May 2020, pursuant to an initial enforcement order dated 2 April 2020 (the Initial Order), the CMA directed ION Investment Group Limited to take actions for the purpose of carrying out or ensuring compliance with the Initial Order, in relation to the completed acquisition of Broadway Technology Holdings LLC.

Notice of extensions

Directions to appoint a hold separate manager

28 April 2020: The CMA directed ION Investment Group Limited and Broadway Technology Holdings LLC, pursuant to the Initial Enforcement Order dated 2 April 2020, to appoint a hold separate manager.

Launch of merger inquiry

20 April 2020: The CMA announced the launch of its merger inquiry by notice to the parties.

Directions to appoint a monitoring trustee

17 April 2020: Pursuant to an initial enforcement order dated 2 April 2020, the CMA directed ION Investment Group Limited to appoint a monitoring trustee.

Invitation to comment: now closed

8 April 2020: The Competition and Markets Authority (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.

Initial enforcement order

2 April 2020: The CMA has served an initial enforcement order under section 72(2) of the Enterprise Act 2002 in relation to the completed acquisition by ION Investment Group Limited of Broadway Technology Holdings LLC.

Amendments / consents granted

Contact

Please send written representations about any competition or public interest to: [email protected]

Updates to this page

Published 7 April 2020
Last updated 17 August 2021 + show all updates

  1. Penalty notice published.

  2. Decision on acceptance of undertakings in lieu published.

  3. The CMA has accepted undertakings in lieu of reference for the completed acquisition by ION Investment Group Limited of Broadway Technology Holdings LLC. Text for the final undertakings published.

  4. Notice of consultation and proposed undertakings published.

  5. Notice of extension published.

  6. Derogation published.

  7. Full text decision published.

  8. Derogations published.

  9. Derogation published.

  10. Full text decision that undertakings might be accepted published.

  11. CMA to consider undertakings offered.

  12. Phase 1 decision announced and summary of the decision published.

  13. Derogation published.

  14. Two derogations published.

  15. Notice of termination of extension published.

  16. Directions under the initial enforcement order published.

  17. Notice of termination of extension published.

  18. Notice to extend published

  19. Notice of extension published.

  20. Directions to appoint a hold separate manager published.

  21. Notice of termination of extension published.

  22. Notice of extension published.

  23. Directions to appoint a monitoring trustee published.

  24. Launch of merger inquiry and commencement notice published.

  25. Initial enforcement order published.

  26. Invitation to comment announced.

  27. First published.

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