Efficiencies in the Vodafone/Three merger

The CMA's decision to approve the Vodafone/Three merger has generated a lot of commentary among competition professionals. A lot of this has focused on the remedies which are behavioural rather than structural.

But another very significant aspect of the decision is the way in which the CMA has dealt with efficiencies. This could also represent a change in the merger control landscape in the UK. If the CMA is more willing to accept efficiencies arguments in future mergers, it will make clearance easier, particularly in concentrated markets.

The Through Line Advisors paper on this issue goes into more detail
on the CMA's approach to efficiencies in Vodafone/Three and discusses how its conclusion underpinned the decision to clear the merger and the choice of remedies.

Read the full report here.