Decision Nº M/04/060 from Competition and Consumer Protection Commission, 2004-11-25

Decision NumberM/04/060
PartiesWestcom,J.P. Morgan
StatusFurther information required (Phase 1)
Determination No. M/04/060 of the Competition Authority, dated 25th November,
under Section 21 of the Competition Act, 2002
Notification No. M/04/060 – Proposed acquisition by J.P. Morgan Chase & Co. of
Westcom Corporation and WestCom Dedicated Private Lines, Inc.
1. On 26th October 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 J.P. Morgan Chase & Co. (“JP Morgan”) would acquire
WestCom Corporation (“Westcom”) and WestCom Dedicated Private Lines, Inc.
(“Private Lines”).
The Parties
2. JP Morgan has its principal office in the US and is primarily engaged in the
provision of a broad range of financial services. JP Morgan carries on business in
Ireland through the activities of J.P. Morgan Bank (Ireland) plc and its
subsidiaries, as well as through the provision of a broad range of financial
services in Ireland by JP Morgan companies based elsewhere. The principal
activities of JP Morgan Ireland comprise investment securities administration,
global agency treasury and global trust.
3. WestCom provides dedicated private telephone lines for securities and
commodities sales and trading professionals. Private Lines holds certain assets
ancillary to the business conducted by WestCom. WestCom has no physical
presence in Ireland and is only active in Ireland through the provision of premium
voice telephony services to four customers in the financial services sector.
4. There is no overlap in the activities of the parties on the island of Ireland.
Therefore the transaction does not give rise to concerns.

To continue reading

Request your trial