The Competition Authority has been investigating Deloitte's acquisition.
on the assets and operations of Ernst & Young (EY) on
Iceland. The matter began with preliminary discussions and the companies submitted
merger notification on 25 August last.
On 30 October, Deloitte and EY announced that the companies had
to withdraw its merger filing due to a lack of essential information. Concurrently
the merger was notified again and the same transaction with a new merger notification,
now taking into account the changed competitive position of EY, in particular in relation to
the association's membership and cooperation with EY abroad. The Competition Authority has
to notify the companies that the new merger register is satisfactory and new
the deadline for the first phase of the investigation is 4 December next. The SE website and list of merger cases has been
Updated in accordance with the above.
The companies have now simultaneously requested an exemption from the ban.
to carry out the merger while it is under investigation. Having regard to
the parties' perspectives, the information available, and data on the aforementioned
changes to EY's competitive position in the likely market for larger audit engagements
for companies, the Competition Authority is of the opinion that the conditions for an exemption are
fulfilled, pursuant to paragraph 4 of Article 17a of the Competition Act. The Competition Authority has therefore
authorised Deloitte and EY to carry out the merger while the matter is under consideration
about him, with conditions.
Further information about the merger case and the proceedings will be
can be accessed later in the administrative decision when it is available.
The Competition Authority will endeavour to investigate and resolve new cases.
to notify of a merger as soon as possible.
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