The UK Office of Fair Trading ("OFT") on 17 August 2011 formally announced that it will not refer the combination of Acergy S.A. (now renamed Subsea 7 S.A.) and Subsea 7 Inc. to the UK Competition Commission for further investigation.
Acergy and Subsea 7 instructed global law firm White & Case LLP to advise them on the UK competition notification and process. The White & Case UK competition team, led by partner Mark Powell, and assisted by associates Ian Reynolds and Charlotte Burnett, achieved regulatory clearance from the OFT in first phase after negotiating a suitable remedy.
"We are delighted to have assisted Acergy and Subsea 7 in obtaining regulatory clearance in the UK, which remains an important area of activity for the combined entity. We and our client were able to propose to the regulator a clear-cut divestiture that remedied the competition concerns identified in the OFT's December 2010 decision. The acceptance by the OFT of the proposed undertaking means that this chapter of the regulatory process is now closed, and removes the threat of an in-depth second phase inquiry into the combination." commented White & Case partner, Mark Powell.
The combination closed on 7 January, 2011. The combined business, with around 12,000 employees worldwide, will continue to be a global leader in seabed-to-surface engineering, construction and services.
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