U.K. Approves PRH Acquisition of S&S
The Competition and Markets Authority of the U.K., which oversees antitrust matters, has cleared Penguin Random House's purchase of Simon & Schuster.
An inquiry into the acquisition began on March 19. "The CMA is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services," the authority announced several days later. Interested parties were then invited to supply comment.
A spokesperson for PRH UK told The Bookseller: "We're pleased that the Competition and Markets Authority has cleared Penguin Random House's acquisition of Simon & Schuster in the U.K. The process in the U.S. is ongoing and we are working constructively with the authorities there.”
Now that the decision has been made, the full text of the CMA's decision is expected to be released shortly.