Author: Merve Bakirci
Introduction
Pursuant to the Amendment Communiqué Concerning the Mergers and Acquisitions Requiring the Competition Board’s Approval (“Amending Communiqué”) published in the Official Gazette dated March 4th, 2022 and numbered 31768, certain amendments have been introduced to transactions which require the Competition Board’s (“Board”) authorization. In this regard, turnover thresholds have been amended, a special provision has been added in relation to technology undertakings, changes have been introduced in relation to the significant impediment in effective competition test, turnover calculations for financial institutions have been revised and the notification form has been changed completely. The changes introduced with the Amending Communiqué will enter into force on May 4th 2022.
Turnover Thresholds
Mergers and acquisition transactions which result in permanent change in control, and where transaction parties’ turnovers exceed the thresholds highlighted in Article 7 of the Communiqué Concerning the Mergers and Acquisitions Requiring the Competition Board’s Approval (“Communiqué No 2010/4”) require the Board’s approval to gain legal validity. These turnover thresholds have now been amended with the Amending Communiqué.
To that end, under Article 7(1)(a) of Communiqué No 2010/4, the TL 100,000,000 threshold has been amended to TL 750,000,000, and the TL 30,000,000 threshold has been amended to TL 250,000,000. In addition, the TL 30,000,000 threshold has been changed to TL 250,000,000 and TL 500,000,000 has been increased to TL 3,000,000,000 under Article 7(1)(b).
