The UK’s competition inspector has deemed plans by Baker Hughes and investment firm Akastor to merge two business units not worthy of an investigation.
The Competition and Markets Authority (CMA) announced in June it was considering whether the deal would result in the “substantial lessening of competition within any market or markets in the United Kingdom for goods or services.”
It was thought the transaction – which was expected to go through in the second half of 2021 – could result in the creation of a “relevant merger situation” under the merger provisions of the Enterprise Act 2002.
But the CMA has now stated the Baker Hughes, Akastor deal does not qualify and it will not be pushing ahead with a “phase two” investigation.
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