Start of the CMA's   Merger Investigation: anticipated merger between Crowdcube Limited and Seedrs Limited

The Competition and Markets Authority (CMA) is considering whether it is or may be the case that the acquisition by Crowdcube Limited of all the outstanding share capital of Seedrs Limited (the Merger), if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

In this case, the CMA has received a request from the Merger parties for a fast track reference to Phase 2, in accordance with paragraphs 6.61 to 6.65 of the Guidance on the CMA's jurisdiction and procedure (the Guidance).

The CMA is considering whether the criteria for a fast track reference, as set out in the Guidance, are satisfied. If the CMA is satisfied that the criteria for the use of the fast track process are met, the CMA will move more quickly to a Phase 2 investigation. In previous fast track cases, a Phase 1 decision has typically been adopted within ten to 15 working days of the launch of the merger inquiry, although the duration of a fast track Phase 1 investigation varies on a case by case basis. A Phase 2 investigation would then last 24 weeks (subject to a possible extension of 8 weeks).

The CMA therefore invites comments from any interested party on (i) the impact that the Merger could have on competition in the UK and/or (ii) any reasons why it would not be appropriate for the CMA to use the fast track procedure in this case. In line with the CMA's usual practice in fast tracked cases, the period for this consultation is relatively short (five working days), as interested parties will have further opportunities to present their views on the Merger during the Phase 2 investigation.

Invitation to comment: closes 30 October 2020

These comments should be provided by the deadline set out above to:

Principal Case Officer: Jonathan Akinyemi

Jonathan.Akinyemi@cma.gov.uk 

Or

Case Officer: Rob Fitzgerald-Crisp

Rob.Fitzgerald-Crisp@cma.gov.uk

Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, please see our Privacy Notice .