Decision Nº M/03/028 from Competition and Consumer Protection Commission, 2003-10-02

CourtCompetition and Consumer Protection Commission (Ire)
PartiesTransamerica,General Electric
Decision Date02 October 2003
Decision NumberM/03/028
StatusCleared (Phase 1)
Date02 October 2003
Determination of the Competition Authority
Determination No. M/03/028 of the Competition Authority, dated 2nd October
Notification No. M/03/028 – Acquisition by General Electric Capital Corporation
of the commercial lending business of Transamerica Finance Corporation
Introduction
1. On 4th September 2003 the Competition Authority, in accordance with Section 18
(1) of the Competition Act, 2002 (“the Act”) was notified, on a mandatory basis,
of a proposal whereby General Electric Capital Corporation (GECC) would
acquire most of the worldwide commercial lending business of Transamerica
Finance Corporation (TFC) by means of a stock and asset purchase agreement.
The Parties
2. GECC is a wholly-owned subsidiary of General Electric (GE), which is a
diversified industrial corporation registered in the US. GECC provides financing
to businesses and arranges financial services and products worldwide. In Ireland
GECC provides a broad range of commercial financing products.
3. TFC provides commercial financing in the form of distribution financing for
manufacturers and dealers, as well as equipment financial services and specialty
finance. TFC has no physical presence in Ireland but does engage in some
distribution and equipment financing in Ireland.
Analysis
4. Although there is some overlap in the parties’ activities in Ireland, TFC’s
presence in the State is very small and the increase in concentration arising from
the transaction is minimal. Moreover there is significant competition in
commercial financing from other sources including banks and finance houses.
Therefore the proposed acquisition does not give rise to any competition
concerns.
Determination
The Competition Authority, in accordance with Section 21(2) of the Competition Act,
2002, has determined that, in its opinion, the result of the proposed acquisition will
not be to substantially lessen competition in markets for goods and services in the
State and, accordingly, that the acquisition may be put into effect.
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