On 20 December 2017, the Finnish Competition and Consumer Authority (FCCA) approved the arrangement, in which SRV Construction Ltd, the LocalTapiola Group and the OP Financial Group establish the Tampere Central Deck and Arena joint venture. The joint venture will own and manage the Tampereen Monitoimiareena central arena, the Tampereen Areenahotelli hotel and the Tampereen Tornit housing, including the residential buildings to be constructed in the Ranta-Tampella area, which are to be realised in the Tampere Central Deck and Arena project.
The Finnish Competition and Consumer Authority has concluded that the arrangement will not significantly impede, as referred to in the Competition Act, effective competition in the Finnish market or a key segment of the market.The parties to the acquisition have only minor overlapping operations in the Finnish real estate investment market and construction market.
SRV Construction Ltd is a part of the SRV Group Plc that develops and constructs business premises and offices, housing, as well as industrial and logistics sites.
The LocalTapiola Group consists of nationally operating insurance companies, an investment service company, a real estate asset management company, an alternative investment fund management company, as well as regional non-life insurance companies.
OP Financial Group is a financial group consisting of the OP Cooperative and its subsidiaries and affiliates.
The official version of the decision will be published at a later date.
Further information: Research Officer Jenna Huttu, tel. 029 505 3576, e-mail: email@example.com
According to the Competition Act, the FCCA must be notified of the transaction if the combined turnover of the parties to the corporate transaction exceeds 350 million euros and the turnover of at least two of the parties resulting from Finland exceeds 20 million euros for both. FCCA approves a corporate transaction if it has no harmful impacts referred to in the Competition Act. FCCA will intervene in corporate transactions if its investigations suggest that the acquisition substantially impedes effective competition on Finnish markets or a substantial part of the markets, particularly through the creation or reinforcement of a dominant market position.
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