A new approach to referrals under the EU Merger Regulation
The European Commission (along with the U.S. FTC and DoJ, UK CMA, German FCO and others), has been focused on ensuring that so-called “killer acquisitions” in the digital and life sciences sectors are reviewed. Where targets do not generate revenue, this was difficult for the European Commission. Against this background, the General Court’s decision in Illumina/Grail is of key importance to companies acquiring start-ups, since it confirms that the European Commission can request that a member state authority refer transactions to it for review (even where neither the Commission nor the member state has original jurisdiction).
Listen to Sean Murphy, Miranda Cole and Heiko Bertelmann discuss this topic further here.