IGPDecaux / Clear Channel Italia – Merger cleared by the Italian Competition Authority

Last February, the Italian Competition Authority (“AGCM”) cleared the Phase 1 merger between IGPDecaux and Clear Channel Italia (“CCI”). The purpose of this transaction was the acquisition by IGPDecaux of all businesses and assets of CCI related to out-of-home advertising (OOH).

In the context of this merger, Lear was appointed as the sole economic consultant by IGPDecaux with the purpose of assessing any potential anticompetitive concerns in both national and local markets from an economic perspective. This marked the first below-threshold merger inquired by the AGCM.

Lear argued that, although the Parties’ combined share in the outdoor advertising market is just above the attention threshold, advertisers’ market power, along with competitive pressure from other forms of advertising such as digital advertising, television, print media, and radio, does not make the transaction anticompetitive.

AGCM  agreed with Lear’s argument and gave clearance to the merger.