Britain’s decision to leave the EU is likely to end the concept of the one-stop-shop for merger control on the continent, increasing costs and procedure times for dealmakers.
As with almost every area of UK law, the end model depends on whether the UK leaves the European Economic Area (EEA) as well as the EU.
If so, deals with an impact in both jurisdictions would be subject to two antitrust authorities, making dual-track filing the norm. A notification to with the UK’s Competition and Markets Authority (CMA), which is voluntary, also incurs a filing fee, unlike in Brussels.
“If we leave the EEA the CMA is going to be dealing with a lot more cases than it does today,” said Paul Gilbert, partner at Cleary Gottlieb Steen & Hamilton in London. “Considering it’s already stretched, doubling that number...