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SIG : UK's CMA Refers Building Solutions Disposal To Phase 2 Investigation

SIG noted that UK Watchdog has referred a proposed disposal of Building Solutions for a Phase 2 investigation.

The U.K.'s Competition & Markets Authority or CMA has decided that it is or may be the case that a proposed acquisition by Kingspan of Building Solutions (National) Limited may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.

In October 2019, SIG agreed to sell Building Solutions to Kingspan for a consideration of 37.5 million pounds on a cash free, debt free basis.

The CMA said today that it is considering whether to accept an undertaking. The companies have until 16 April 2020 to offer an undertaking to the CMA that might be accepted by the CMA. If no such undertaking is offered, then the CMA will refer to a in depth investigation.

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