Goldman Sachs / Piershine / Tifco | Competition and Consumer Protection Commission [2015] IECompA m15029 (23 June 2015)
- Status
- Judgment
- Jurisdiction
- Ireland
- Posture
- Merger Control / Clearance Decision (phase 1)
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Professional case brief
Research organized from the available case record
01
Holding and result
The Commission found that the proposed acquisition of joint control of Tifco Limited by Goldman Sachs International and Piershine Limited did not raise competition concerns and would not substantially lessen competition in any market in the State.
Court disposition
cleared
Orders
- The proposed acquisition of joint control by Goldman Sachs International and Piershine Limited of Tifco Limited is cleared under Section 21(2)(a) of the Competition Act 2002 (as amended).
02
Material facts
Parties
Goldman Sachs International
AcquirerPiershine Limited
AcquirerTifco Limited
TargetAmounts and remedies
- Notification Date: 20,150,623
- Decision Date: 20,150,715
03
Procedural history
Posture
Merger Control / Clearance Decision (phase 1)
04
Questions and positions
Legal issues
Whether the proposed acquisition of joint control by Goldman Sachs International and Piershine Limited of Tifco Limited would substantially lessen competition in any market for goods or services in the State.
Party arguments
- Applicant
- The acquisition would not substantially lessen competition in any relevant market, as the parties operate in distinct sectors and the transaction does not raise horizontal or vertical competition concerns.
- Respondent
- No objections or substantive competition concerns were raised by third parties or the Commission.
05
Court’s reasoning
Legal principles
- 01
Competition Act 2002 (as amended), Section 20(1)(c)
A merger or acquisition will be cleared if it does not substantially lessen competition in any market for goods or services in the State.
06
Ratio, limits and disposition
Ratio decidendi
The Commission found that the proposed acquisition of joint control of Tifco Limited by Goldman Sachs International and Piershine Limited did not raise competition concerns and would not substantially lessen competition in any market in the State.
Court disposition
cleared
- The proposed acquisition of joint control by Goldman Sachs International and Piershine Limited of Tifco Limited is cleared under Section 21(2)(a) of the Competition Act 2002 (as amended).
Source and reliance status
Official court record
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Judgment reading view
Judgment text
The complete available source text.
Court record
Judgment
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BAILII >> Databases >> Irish Competition Authority Decisions >> Goldman Sachs / Piershine / Tifco | Competition and Consumer Protection Commission [2015] IECompA m15029 (23 June 2015) URL: https://www.bailii.org/ie/cases/IECompA/2015/m15029.html Cite as: [2015] IECompA m15029 [ New search ] [ Help ] Goldman Sachs / Piershine / Tifco | Competition and Consumer Protection Commission [2015] IECompA m15029 (23 June 2015) Page Attachment M-15-029 Merger Announcement - Goldman Sachs - Piershine - Tifco.pdf (104.91 KB) (104.91 KB) M-15-029 Goldman Sachs - Piershine - Tifco.pdf (446.57 KB) (446.57 KB) Transaction details The proposed acquisition of Joint Control by Goldman Sachs International and Piershine Limited of Tifco Limited, has been cleared by the Competition and Consumer Protection Commission. Economic sector Media merger Hotel accommodation sector in Ireland No Notification date: Tuesday, June 23, 2015 Parties Involved Business activities Goldman Sachs International Goldman Sachs International is ultimately owned and controlled by The Goldman Sachs Group, Inc. Goldman Sachs Group, Inc is involved in the business of investment banking and securities and investment management on a global scale. Piershine Limited Piershine is a trust company established for the purposes of holding the Holdco stake and Tifco loan notes. Tifco Limited Tifco currently owns (i) Crowne Plaza
Dundalk, (ii) Crowne Plaza Northwood, (iii) Crowne Plaza Blanchardstown, and (iv) Holiday Inn Northwood. Case Officer Assigned Contact Details Andrew Rae Tel: 01-470 3671, e-mail: andrewrae@ccpc.ie The deadline for any third parties who wish to make submissions regarding the competition aspects of this merger is: Phase 1 Wednesday, July 8, 2015 Current status Completed Cleared (Phase 1) Decision date: Wednesday, July 15, 2015 Competition and Consumer Protection Commission (Ireland) © BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback | Donate to BAILII URL: https://www.bailii.org/ie/cases/IECompA/2015/m15029.html
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