COMPETITION COUNCIL GIVES MERGER CONTROL CLEARANCE FOR UAB INVESTICIJŲ IR INOVACIJŲ FONDAS
On January 14, the Competition Council (the Council) allowed UAB Investicijų ir inovacijų fondas to acquire up to 100 per cent shares of UAB ISM Vadybos ir ekonomikos universitetas and, thus, allowed Vidmantas Kučinskas to gain an indirect sole control over the latter company.
UAB Investicijų ir inovacijų fondas is currently a non-active company established exclusively for the purpose of this transaction.
UAB ISM Vadybos ir ekonomikos universitetas is a private higher education institution that awards 1st , 2nd and 3rd level degrees in management and economics, offers professional post-graduate training programmes and serves as a conference venue.
Having evaluated all the circumstances related to the merger, the Council acknowledged that the intended merger will not create or strengthen the dominant position, or significantly restrict competition in the relevant markets.
(1) Mergers (Concentrations) are cases when two independent undertakings merge or when one undertaking gains control over another. As these changes may restrict effective competition in a relevant market, mergers involving firms that exceed turnover limits established in the Law on Competition must be cleared by the Council. The Council authorises only such mergers that will not have significant adverse effects on the conditions of competition.
(2) Control means any rights arising from laws or transactions that entitle a legal or natural person to exert a decisive influence on the activity of an undertaking, including the right of ownership to all or part of the assets of the undertaking or the right to use all or part of such assets; other rights which confer a decisive influence on the decisions or the composition of the undertaking’s personnel.Competition Council Spokesperson