Publication
CMA Merger Outcomes
Proportion of total Phase 1 cases referred to Phase 2
Phase 1 Outcomes
Period 1 January 2025 to 15 October 2026
Set of 56 mainstream Phase 1 cases in which the CMA determined it had jurisdiction. Of those:
- 68% resulted in a clearance decision (38 total);
- 11% were referred to Phase 2 (6 total);
- 16% resulted in undertakings being accepted in lieu of a referral (UIL) (9 total);
- 0% resulted in a voluntary deal unwind via a UIL (0 total);
- 0% were abandoned at Phase 1 (0 total);
- 5% were cleared via de minimis (3 total).
Of these:
- 27% were completed deals at time of Phase 1 review (15 total);
- 18% of cases have been/are being reviewed in parallel by the European Commission and the CMA (10 total);
- 25% of cases were considered at a Case Review Meeting (14 total).
The set of 56 cases excludes 2 further cases in which the CMA determined it lacked jurisdiction (so-called Found Not To Qualify or FNTQ).
