Waselius & Wist represented Loomis AB (Nasdaq OMX) in merger control proceedings in the Finnish Competition and Consumer Authority (FCCA) in connection with its acquisition of Automatia Pankkiautomaatit Oy from present owners Danske Bank, Nordea, and OP Financial Group. The FCCA approved the acquisition in Phase 2 proceedings subject to commitments. According to the FCCA, the transaction would have resulted in certain adverse effects on the already concentrated market for cash management services in Finland without the conditions attached to the approval. The potential concerns identified by the FCCA were addressed with access and behavioural remedies offered by the parties.
The proceedings included highly complex legal issues due to the key role Automatia plays in Finnish cash infrastructure and the vertical link between the parties. According to the FCCA, this was the most thorough investigation by the FCCA of a vertical merger to date and the first time the FCCA has applied economic methods to assess foreclosure effects in a vertical merger (i.e. a merger between parties operating at different levels of trade).
Automatia operates the largest ATM network in Finland, under the Otto brand, and also offers nationwide cash supply services for bank branches, night safes for retailers and a digital platform for operating instant payments. Loomis is a globally operating company offering comprehensive solutions for cash handling primarily to banks and retailers.
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