Notification of a concentration to the Cyprus Commission for the Protection of Competition is compulsory only for concentrations of “major importance“. A concentration is considered to be of major importance provided that the following cumulative conditions are satisfied (Section 3(2)(a) of Law 83(I)/2014):
- the aggregate turnover achieved by at least two of the participating undertakings exceeds, in relation to each one of them, is EUR 3,5; and
- at least two of the participating undertakings have a turnover derived from within the Republic of Cyprus; and
- at least EUR 3,5 of the aggregate turnover of all participating undertakings is achieved within the Republic of Cyprus.
|Worldwide||Two parties each||3,5 EUR|
|Cyprus||Two parties each||> 0 EUR|
A proposed concentration may also be declared a concentration of “major importance” by an Order of the Minister of Energy, Commerce and Industry regardless of whether the thresholds are met, for reasons of its potential effect on public security, the pluralism of the media and the principles of sound administration (Sections 3(2)(b) and 3(5) of Law 83(I)/2014).
For more information in regards to the merger control regime in Cyprus, see here.
Find out about our services concerning merger control here.