MERGERS: AMO SR approved the merger of undertakings IMMOFINANZ AG and S IMMO AG

20.07.2021
On 23 June 2021, the Antimonopoly Office of the Slovak Republic, the Division of Concentrations, (hereafter "the Office") approved a merger grounded in the acquisition of exclusive control of the undertaking IMMOFINANZ AG, the Republic of Austria (hereafter "Immofinanz") over the undertaking S IMMO AG, the Republic of Austria (hereafter "S Immo"), namely on the basis of a voluntary public takeover bid to acquire a controlling interest in the company S Immo.
 
The undertaking Immofinanz operates in the field of selling real estates, as well as renting retail properties, office premises and shopping centres, namely especially in the territory of  Austria, Germany, Poland, the Czech Republic, the Slovak Republic, Romania and Hungary. In the territory of the Slovak Republic, the undertaking Immofinanz is active in the field of renting office real estates in Bratislava, renting shopping centres/retail centres (the shopping centre VIVO! in Bratislava, the shopping park Arkadia in Trnava, the shopping centres STOP SHOP in the cities Liptovský Mikuláš, Trenčín, Lučenec, Ružomberok, Nové Zámky, Dolný Kubín, Poprad, Dubnica nad Váhom, Bratislava - Rača, Rožňava, Prešov, Michalovce, Bardejov, Púchov and Zvolen).
 
The undertaking S Immo is a real estate company which operates especially in the field of commercial real estates in the territory of Austria, Germany, the Czech Republic, the Slovak Republic, Hungary, Romania and Croatia. In the territory of the Slovak Republic, the company S Immo is active in the field of renting office real estates in Bratislava, renting shopping centres (shopping centres in Prievidza and Trenčín) and renting hotels - AC Hotel Bratislava.
 
The activities of above-mentioned undertakings overlap in the field of ​​renting office real estates and in the field of ​​renting premises in retail real estates (shopping centres).

The Office assessed the overlaps between the merging parties within the definition of spatial market given by the territory of the Slovak Republic and it also focused on localities where the overlap occurs. In this case, it was the city of Bratislava (as regards renting premises in office real estates) and the cities of Prievidza and Trenčín (as regards renting premises in retail real estates).

Based on documentation and information submitted to the Office, in particular the amount of merging parties' shares nationwide, as well as estimated local shares, the number and the character of competitors operating in the given fields and also the character of retail properties rented by the merging parties, the Office concluded that the merger assessed is in accordance with the Article 11 Paragraph 1 of the Act on Protection of Competition, as it will not significantly impede effective competition in relevant market, in particular as the result of creation or strengthening of dominant position.

The decision came into force on 8 July 2021.
Last update:20.07.2021