On 9th April 2018, the Finnish Competition and Consumer Authority (FCCA) approved an acquisition whereby Sanoma Media Finland Oy will acquire the event business of the Tobermore Group. The FCCA has concluded that the acquisition will not significantly impede effective competition in the Finnish market.
Sanoma Media Finland Oy is a subsidiary of Sanoma Corporation and the parent company of the Sanoma Group’s Finnish media business. Nelonen Media, which is part of Sanoma Media Finland, organises charter cruises and concerts, and collaborates in marketing with a number of Finnish festivals. Tobermore’s group companies operate in event production, personnel and security services, the hotel and restaurant business, and in administration of real estate. The Tobermore Group’s event business focuses on producing midsize music festivals and concerts as well as charter cruises.
The regulatory reviews conducted by the FCCA did not reveal any harmful effects on competition related to the acquisition. The parties to the acquisition have only a few overlapping business operations and there will be a considerable number of other operators in the market even after this transaction. The FCCA has concluded that the acquisition will not significantly impede effective competition in the Finnish market.
The FCCA’s decision includes business secrets of the parties involved. The decision cannot be published until the business secrets have been removed, i.e. in around two weeks’ time.
Further information: Senior Research Officer Samuli Muotka, tel. +358 (0)29 505 3680, email 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 from Finland of at least two of the parties exceeds a combined total of 20 million euros. The FCCA will approve a corporate transaction if it has none of the harmful impacts referred to in the Competition Act. The 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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