CMA accepts remedy in serviced office space merger
»Ê¹ÚÌåÓýapp Competition and Markets Authority has today accepted a remedy to resolve competition concerns arising from Regusâ€� acquisition of Avanta.
»Ê¹ÚÌåÓýapp Competition and Markets Authority (CMA) announced on 18 November 2015 that it would consider in detail a remedy proposed by Regus plc (Regus), instead of referring the case for an in-depth merger investigation.
Regus has offered to sell the Avanta Serviced Office Group plc (Avanta) serviced office space centres located in the Hammersmith, Victoria, Canary Wharf/Docklands, Euston/King’s Cross and Paddington areas of central London to a suitable purchaser (or purchasers).
Regus also offered a behavioural remedy in relation to the Hammersmith centre, in the event that the landlord decides to terminate Avanta’s lease early and a suitable purchaser therefore cannot be found for that centre. »Ê¹ÚÌåÓýapp behavioural remedy would limit Regusâ€� ability to raise prices or reduce quality at the Hammersmith centre until the lease terminates.
»Ê¹ÚÌåÓýapp CMA has accepted the remedy offered, which it considers is appropriate to resolve its concerns. Before reaching a final decision, the CMA carefully assessed and consulted publicly on the proposed remedy.
»Ê¹ÚÌåÓýapp CMA received one submission in response to its consultation, which it considered, and is satisfied that the proposed remedy will remedy the concerns identified.
»Ê¹ÚÌåÓýapp remedy and all other information relating to this investigation can be found on the case page.