BNY Mellon / GIS [2010] IECompA m10006 (26 February 2010)

BNY Mellon / GIS [2010] IECompA m10006 (26 February 2010)

The Competition Authority found that the proposed acquisition would not substantially lessen competition in the relevant market and therefore cleared the transaction.

Parties
Acquirer: Bank of New York Mellon Corporation; Target: PNC Global Investment Servicing, Inc.; Seller: PNC Financial Services Group, Inc.
Jurisdiction
Ireland
Judgment Date
26 February 2010
Procedural Posture
Merger Clearance / Phase 1 Decision
Outcome
cleared
Legal Topics
Merger Control, Fund Administration, Custody Services
Competition Law Merger Control Fund Administration Custody Services

Case Brief

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Parties

Bank of New York Mellon Corporation

Acquirer

PNC Global Investment Servicing, Inc.

Target

PNC Financial Services Group, Inc.

Seller

Procedural Posture

Merger Clearance / Phase 1 Decision

Legal Issues

  1. 1 Whether the proposed acquisition would substantially lessen competition in the provision of fund administration and custody services in Ireland.

Ratio Decidendi

The Competition Authority found that the proposed acquisition would not substantially lessen competition in the relevant market and therefore cleared the transaction.

Court Disposition

cleared

Orders

  • The proposed acquisition by Bank of New York Mellon Corporation of PNC Global Investment Servicing, Inc. is cleared.