Competition watchdog to probe merger of CapCo and Shaftesbury
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Competition & Markets Authority is investigating merger of Capital & Counties Properties and Shaftesbury
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The UK Competition & Markets Authority (CMA) has launched an investigation into the merger of Capital & Counties Properties and Shaftesbury.
It is considering whether a merger between the two companies would lead to “a substantial reduction in competition within a market or markets in the UK”.
The planned merger between Capital & Counties Properties and Shaftesbury would bring large parts of popular tourist destinations, including Soho, Covent Garden, Carnaby Street and Chinatown, under their joint ownership.
Probe: The UK Competition & Markets Authority has launched an investigation into the merger of Capital & Counties Properties and Shaftesbury
The combined company will manage 2.9 million square feet of prime central London real estate, including shops, restaurants, offices and residences.
The CMA said the fusion study has a Feb. 22 deadline for its phase 1 decision.
In June, the two companies agreed final terms for their all-stock merger to create a London-focused real estate investor with a combined portfolio value of £5 billion, with the deal previously scheduled for completion in the first quarter of 2023.
The new company will be called Shaftesbury Capital.
The deal ends a courtship that predates the coronavirus pandemic.
Both firms have long talked about the merits of a partnership that would put the combined group in control of one of the capital’s most popular shopping and leisure destinations.