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Executive Summary
- The EU Foreign Subsidies Regulation (FSR) applies to M&A and public tenders, and ex officio investigations, aiming to curb distortive foreign subsidies in the EU market.
- To date, only one transaction has undergone an in-depth FSR review: e&’s €2.15 billion acquisition of PPF Telecom assets in four CEE countries, cleared subject to commitments.
- FSR reviews have proven time-consuming, often taking longer than other regulatory approval processes faced by investors.
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What the data shows
The following data tracks the M&A notifications submitted under the FSR to date. It focuses on the types of transactions being notified, the sectors involved, and the time it takes to complete the FSR review.
So far, only one transaction has been reviewed in depth. Emirates Telecommunications Group (e&) acquired control of PPF Telecom’s assets in Bulgaria, Hungary, Serbia, and Slovakia for €2.15 billion. The deal excluded PPF Telecom’s business in Czechia. The European Commission conducted an in-depth review and approved the transaction subject to commitments.
While other transactions have faced fewer hurdles, the time required to complete the review—calculated from the date the case was initiated (by requesting a Commission case team) to the date the application was approved—has been substantial in many instances and longer than in other approval procedures faced by investors.
Explore the Data
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What is the FSR and who is in charge?
The EU Foreign Subsidies Regulation (FSR) has been in force for over a year, covering M&A transactions, public tenders, and ex officio investigations. The FSR aims to level the playing field by addressing foreign subsidies that distort the EU market. Directorate K, within the Directorate-General for Competition of the European Commission, leads the enforcement.
FSR notification requirements for M&A deals
M&A transactions must be notified under the EU Foreign Subsidies Regulation (FSR) if both conditions are met:
- The merging parties, target, or joint venture has €500M+ in EU turnover and a base of operations in the EU.
- The parties involved have received over €50M in non-EU financial contributions within the last three years.
Broad scope of “Financial Contributions”
The FSR broadly defines foreign financial contributions to cover nearly all financial exchanges with non-EU state entities (e.g., loans, guarantees, tax exemptions, equity injections) and is not limited to subsidies.
Read further
For a detailed explanation of the FSR and its impact on M&A transactions, read The EU Foreign Subsidies Regulation: Prepare to Succeed. For a deeper dive into the economics of subsidies, see Foreign Subsidies: Benefit or Threat?.
About the database
Publisher: data+law GmbH, Berlin
Last Update: Refer to the "Last Modified Date" column in the database for the last update date.
Version: v1.0
Coverage: All time, global
Format: Delivered via Formagrid Inc, dba Airtable
License: All rights reserved.
Source: European Commission Competition Cases Search, press releases
Purpose: Enriches European Commission data on past FSR reviews with information about the transactions, parties, and key transaction dates.
Contact: info@datapluslaw.com
If you notice any issues or inaccuracies with this dataset, please report them to info@datapluslaw.com.