AdC clears the acquisition of TAP

Press Release 22 /2015
 AdC clears the acquisition of TAP
 
The Portuguese Competition Authority (PCA) adopted a clearance decision on the merger concerning the acquisition of joint control of the air transport undertaking TAP – Transportes Aéreos Portugueses, SGPS, S.A. by HPGB, SGPS, S.A. and DGN Corporation, through Atlantic Gateway, SGPS, S.A.
 
The PCA decided to clear the merger as it considered that the notified transaction would not create significant impediments to effective competition on the identified relevant markets, since none of the acquiring parties are active on the same air routes currently operated by TAP, nor was the risk of elimination of potential competition on the routes to Brazil identified.
 
All relevant elements to assess the merger in accordance with competition law were analyzed and taken into account when adopting the final decision.
 In addition to notifying Atlantic Gateway, the following third-party entities were accepted to intervene: SAGEF group of companies, comprised of Synergy Aerospace, Corp. and Mr. German Eframovich Alter and the civic Organization “Peço a Palavra”.
 
The merger was notified to the Portuguese Competition Authority on 20 August 2015, after the European Commission considered it was outside its jurisdiction, under European merger control rules.