The merger regime in Ireland has undergone a radical change since 1 January. Companies conducting business in Ireland which fall within the terms of the merger provisions contained in the Irish Competition Act 2002 must notify mergers and acquisitions to the Irish Competition Authority. Particular provisions apply in relation to media mergers.
The new legislation is very different from the previous merger regime in Ireland, in particular the granting of merger control to the Competition Authority – previously this was exercised by the Minister for Enterprise, Trade and Employment (the minister continues to play a role in relation to media mergers). In addition, new merger procedures have been introduced under the Competition Act which are based on the procedures that apply under the European Commission (EC) Merger Control Regulation. A new substantive test has also been adopted under the new merger control regime, namely, whether a transaction would result in a substantial lessening of competition; if so, it will be prohibited. This is known as the ‘SLC’ test and reflects the approach adopted under US merger control.
