<p>Filter Knowledge</p>

Our regular round-up of recent and forthcoming developments in law and practice for in-house counsel.

In recent years, corporations have increasingly prioritised ESG issues, often prompting them to collaborate in pursuit of sustainability goals.

The Competition & Markets Authority ('CMA'), alongside other UK regulators, has been under pressure to align with, and advance, the UK Government's 'pro-growth agenda'. Merger control has, in particular, come under fire - with the Government aiming for a more certain, proportionate, transparent and thus more business-friendly approach.

6 April 2025 has now been confirmed as the "go live" date for most of the consumer law provisions of the Digital Markets, Competition and Consumers Act 2024 ("DMCCA"). These changes will give the UK one of the toughest enforcement regimes in the world, with the prospect of fines of up to 10% of global turnover on B2C businesses for infringing UK consumer law.

Leading independent law firm Travers Smith LLP announces that it is to open a new office in Brussels, the heart of the European Union, further strengthening its international Competition Practice. 

Travers Smith is currently advising two healthcare REITs - Care REIT plc and Assura plc - on their public takeovers by US bidders, further highlighting the recent theme of consolidation in the London REIT market.

In Issue 8 of ThoughtLeaders4 Competition Magazine, Joseph Moore and Imogen Nolan discuss the Court of Appeal's decision in the Umbrella Interchange litigation regarding the law of limitation and its implications for competition claims in the UK post-Brexit.

In a brand-new podcast, hosted by our competition experts, you can learn about the ways in which the hot topics in competition law impact, and apply to, the gaming industry.

Travers Smith has advised Steve Madden (Nasdaq: SHOO), a leading designer and marketer of fashion footwear, accessories and apparel, on a definitive agreement to acquire UK-based Kurt Geiger from a group led by Cinven for an enterprise value of approximately £289m in cash.

With the first UK Labour Government since 2010 now firmly with their feet under the table, this is a good opportunity to take stock of how the Government is approaching national security reviews under the UK's National Security and Investment Act ("NSIA") regime.   

The UK Competition and Markets Authority (CMA) has published the provisional decision in its cloud services market investigation.  It provisionally recommends that the cloud service activities of the two largest players, Amazon Web Services and Microsoft, should be investigated using the CMA's new powers to regulate Big Tech under the UK's Digital Markets, Competition and Consumers Act.

Travers Smith LLP advised longstanding client Nest Corporation – the trustee of the National Employment Savings Trust – on the acquisition of a ten percent shareholding in Industry Super Holdings, the holding company of IFM Investors, a global institutional investor and asset manager operating across the infrastructure, debt investments and private equity markets. 

The consumer law provisions of the Digital Markets, Competition and Consumers Act 2024 are expected to come into effect in April 2025. As well as new rules on pricing, fake reviews and subscription contracts, B2C businesses will face a much tougher enforcement regime – with the prospect of fines of up to 10% of global turnover.  We explain how you can protect your business from the risks and even use the legislation to your advantage.

The UK Competition and Markets Authority (CMA) is already conducting a market investigation into cloud service providers, including Amazon and Microsoft.  On 1 January 2025, it gained extensive new powers under the Digital Markets, Competition and Consumers Act 2024 ("DMCC Act").  We look at whether these developments could lead to tougher regulation of major players in cloud services and what that would mean for their customers.

Travers Smith is pleased to have advised DBAY Advisors, an international asset management firm which manages a range of funds and investment vehicles for endowments, foundations and other institutional investors, and Aegros Bidco Limited, on the recommended cash offer for Alliance Pharma plc, valued at approximately £350 million.

Travers Smith has advised Duni AB (Duni Group), Sweden-headquartered market-leading company in providing sustainable and circular solutions for restaurants, catering, and the food industry, on the acquisition of the UK-based tableware company Poppies Europe Ltd (Poppies). The acquisition is subject to regulatory approval in the UK and customary closing conditions, and is expected to be completed in the first half of 2025.

The first ever judgment on the UK Government's application of the National Security and Investment Act 2021 ('NSIA') has been handed down. With a focus on the procedural aspects of the review, the High Court upheld the Government's decision to require LetterOne (ultimately owned by Russian nationals, including individuals subject to UK sanctions) to divest the entirety of its shareholding in Upp, a fibre broadband start-up. 

Amidst the disciplinary proceedings referred to an independent commission by the Premier League (the "League") in respect of alleged breaches by Manchester City Football Club ("City") of the League's financial rules, a decision has been made in the separate arbitration proceedings brought by City against the League in relation to its rules concerning Associated Party Transactions (the "APT Rules").

Background to the referral

On 19 September, the Court of Justice ("CJEU") handed down its judgment in Booking.com BV and Booking.com (Deutschland) GmbH v 25hours Hotel Company Berlin GmbH and Others. This case made its way to the CJEU as a reference for preliminary ruling from the Amsterdam District Court connected to a private dispute between Booking.com and a number of providers of accommodation services in Germany.