Sepura and Hytera stumbling over European regulators

Josh White Sharecast | 13 Feb, 2017 16:02 | | |

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17:19 20/09/17

Sepura updated the market on the German and Spanish competition approvals currently being sought by Hytera Communications Corporation and Sepura in connection with the acquisition described in the scheme document published by Sepura on 16 January.

The London-listed firm said that, following the announcement of the results of the court meeting and general meeting released on 9 February and the update on the timing for the acquisition, based on Sepura's and Hytera's discussions with the German competition authority , Sepura and Hytera believe it is likely that the authority will initiate a Phase II investigation in respect of the acquisition.

“The length of the Phase II investigation remains unclear at this stage, although it should be noted that the full statutory period for such a process is a further three months, with the German Bundeskartellamt retaining the ability to make further extensions to this period,” its board said in a statement.

Sepura and Hytera said they also made a filing in Spain under the Spanish merger control regime to the National Markets and Competition Commission.

In Spain, the decision of the ongoing Phase I review process was expected on or before 9 March.

“While Hytera and Sepura are continuing to engage with the German Bundeskartellamt and Comisión Nacional de los Mercados y la Competencia, the timing for completion of the antitrust clearance processes remains uncertain.

“As a consequence, there is now material uncertainty as to whether the court hearing to sanction the scheme will be held in early to mid-March, as Sepura and Hytera had previously expected. Increased uncertainty as to timing may also impact Sepura's results for the financial year.”

Sepura said it will announce a further update on timing for completion of the antitrust approvals in due course.

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