Merger control has long been a cornerstone of competition enforcement in Germany, with the Federal Cartel Office (“FCO”) known for wielding its mandate decisively and not shying away from blocking notifiable deals if they are perceived to cause competitive harm. One example was the prohibition of CTS Eventim’s acquisition of the booking agency Four Artists…

It was only a matter of time before the European Commission (“EC“) launched its first ever in-depth investigation of an M&A transaction under the Foreign Subsidies Regulation (“FSR“). On 10 June 2024, that time came: The EC referred the acquisition of the Czech telecom operator PPF Telecom Group B.V. (“PPF“) by the Emirates Telecommunications Group…