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MERGERS: AMO SR approved the merger of the undertakings MiddleCap Group S.A. and BBF Tech, a.s.

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On 20 December 2019 the Antimonopoly Office of the Slovak Republic, the Division of Concentrations, (hereafter "the Office") approved the merger grounded in the acquisition of direct exclusive control of the undertaking MiddleCap Group S.A., Luxembourg, the Grand Duchy of Luxembourg (hereafter "MiddleCap") over the undertaking BBF Tech, a.s., Bratislava (hereafter "BBF").
The group MiddleCap is active in real estate development, office and retail space rental, complex consulting real estate, private equity and capital markets. It focuses mainly on Bratislava and its surroundings. The group is also engaged in investment and acquisitions into start-ups, it owns also the network of optics FOKUS očná optika and Galaxy Optical engaged in the sale of custom-made optical devices. The group performs these activities in the territory of the Slovak Republic and the Czech Republic.
The undertaking BBF is active exclusively on Slovak market in the provision of electrical work related to high-voltage and low-voltage installations. Within the scope of its activities, the company focuses on projection activity, electrical installations, the production of low-voltage switchboards, professional revisions and the service of high-voltage, low-voltage and weak-voltage electrical equipment, lending transformer stations and intelligent electrical installations. All activities are provided by its own capacities.
There is no horizontal overlap between the activities of the merging parties. The Office assessed a potential vertical relationship of the undertaking BBF as a supplier of electrical installation services for companies from the group of MiddleCap in development projects.
The Office found out that, with regard to the scope of activities and the market presence of the merging parties in the area of ​​both real estate development and electrical installation, this vertical interconnection does not raise competition concerns in terms of the restriction of access to inputs nor the restriction of access to customers.
After the evaluation of the documentation and information acquired, the Office came to the conclusion that the merger assessed is in accordance with the Article 12 Paragraph 1 of the Act on Protection of Competition, as it does not significantly impede effective competition on the relevant market, in particular as a result of the creation or strengthening of a dominant position.
The decision came into force on 21 December 2019.