GovWire

Phase 2

Administrative timetable

Referral date: 17 April 2024

Statutory deadline: 26 November 2024

• Administrative timetable (PDF, 120KB) (25.7.24)

Contact

SpreadEx.SportingIndex@cma.gov.uk

Notice of extension of statutory period

• Notice of extension (PDF, 113KB) (25.7.24)

Provisional findings

25 July 2024: The CMA has provisionally found competition concerns as part of its in-depth investigation of the completed acquisition by Spreadex Limited of the B2C business of Sporting Index Limited. The full report will be published shortly.

The deadline for submitting responses to the notice of possible remedies is 8 August 2024. The deadline for submitting responses to the provisional findings is 15 August 2024.

• Notice of provisional findings (PDF, 138KB) (25.7.24)
• Summary of provisional findings (PDF, 154KB) (25.7.24)
• Notice of possible remedies (PDF, 232KB) (25.7.24)
• Press notice: Spreadex and Sporting Index merger raises provisional competition concerns (25.7.24)

Directions to appoint a monitoring trustee

11 July 2024: On 29 April 2024, pursuant to an initial enforcement order dated 15 January 2024, the CMA directed Spreadex.Com Limited and Spreadex Limited to appoint a monitoring trustee.

• Directions to appoint a monitoring trustee (PDF, 129KB) (11.7.24)

Issues statement

16 May 2024: The issues statement sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions. The deadline for submissions on the issues statement is 5pm, 29 May 2024.

• Issues statement (PDF, 213 KB) (16.5.24)

Inquiry group appointed

17 April 2024: The CMA has appointed the inquiry group:

• Richard Feasey (Chair)
• Maria Da Cunha
• Anne Fletcher
• Paul Muysert

Terms of reference

17 April 2024: The CMA has referred the completed acquisition by Spreadex Limited of the B2C business of Sporting Index Limited for an in-depth investigation.

• Terms of reference (PDF, 104KB) (17.4.24)

Phase 1

Statutory timetable

Reference decision

17 April 2024: The CMA has referred the completed acquisition by Spreadex Limited of the B2C business of Sporting Index Limited for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this Merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.

• Decision to refer (PDF, 108KB) (17.4.24)

Reference unless undertakings accepted

4 April 2024: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. The transaction will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

• Full text decision (PDF, 305KB) (29.4.24)
• Summary of phase 1 decision (PDF, 152KB) (4.4.24)
• Press release: Spread betting deal raises competition concerns (4.4.24)

Launch of merger inquiry

6 February 2024: The CMA announced the launch of its merger inquiry by notice to the parties.

• Commencement notice (PDF, 88KB) (6.2.24)

Invitation to comment: closed

6 February 2024: The Competition and Markets Authority (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.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

Written representations about any competition issues should be provided by the deadline set out above.

Initial enforcement order

15 January 2024: The Competition and Markets Authority has served an initial enforcement order under section 72(2) of the Enterprise Act 2002 on Spreadex.Com Limited and Spreadex Limited.

• Initial Enforcement Order (PDF, 146KB) (16.1.24)

Amendments / consents granted

• Derogation 23 May 2024 (PDF, 128KB) (30.5.24)
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