The regulator is inviting comments on the transaction
The Competition and Markets Authority (CMA) has launched an inquiry into the merger of Ardonagh-owned broker Atlanta Group and MGA Markerstudy.
The regulator said it was making the move pursuant to section 96(2A) of the Enterprise Act 2002.
It will look at whether the deal may result in a “substantial lessening of competition within any market or markets in the UK for goods or services”.
The acquisition was first announced on 15 September 2023 and was funded by an investment led by Pollen Street Capital and Bain Capital Special Situations.
The merger notice was initially issued to the CMA by Venus Topco Limited, a subsidiary of Pollen Street.
Phases
A statement announcing the merger said the deal aimed to provide a range of insurance products to consumers, including home and motor insurance, as well as employ around 7,300 people across the UK.
Read: Ardonagh Advisory continues growth trajectory with addition of independent broker
Read: RSA agrees ‘transformative’ deal to acquire DLG’s commercial lines operations
Explore more M&A-related content here or discover other news stories here
The combined firms estimate that they transact over £3bn in annual gross written premium (GWP).
For phase one of the CMA’s inquiry, launched on 30 January 2024, it will invite comments on the transaction from any interested party.
“The deadline for the CMA to announce its decision whether to refer the merger for a phase two investigation is therefore Tuesday 26 March 2024,” the CMA said in a statement.
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
Now working within the insurance sector, James has a particular focus on motor, M&A activity and financial reporting.View full Profile
No comments yet