Sophisticated economic analysis supporting merger control and regulatory clearance.

At Trojan Economics, we apply advanced economic theory and econometric techniques to assess competitive effects and efficiencies in merger control proceedings. Our economists support clients at every stage of the process—from pre-merger risk assessment to clearance and remedy design—ensuring a proactive, evidence-based approach that anticipates regulatory concerns and supports strategic decision-making.

With extensive experience advising both merging parties and interested third parties in Phase I and Phase II investigations, we provide clear, data-driven analysis that strengthens submissions and supports successful outcomes before the Commission for the Protection of Competition (CPC) and other competent authorities.

Jurisdictional Thresholds (Law 83(I)/2014)

Transactions that cumulatively satisfy the jurisdictional thresholds are considered “concentrations of major importance” and must be notified to the CPC. Under the current legal framework, notification is mandatory if:

  • Combined Worldwide Turnover: The aggregate worldwide turnover of at least two participating undertakings exceeds €3.5 million.

  • Domestic Turnover: At least two of the undertakings participating in the concentration achieve a turnover in the Republic of Cyprus.

  • Aggregate Cyprus Turnover: The combined aggregate turnover of all participating undertakings in Cyprus exceeds €3.5 million.

Important Note for 2026: Notification must take place prior to implementation and after the conclusion of the agreement, the announcement of a public bid, or the acquisition of a controlling interest. Failure to notify or “gun-jumping” can result in administrative fines of up to 10% of worldwide turnover.

Our Merger Control Expertise

We bridge the gap between complex economic data and regulatory approval. Our services include:

  • Pre-Merger Risk Assessment: Early-stage identification of potential competition concerns and jurisdictional analysis.

  • Market Definition Studies: Conducting empirical analysis and SSNIP tests to define relevant product and geographic markets.

  • Competitive Effects Analysis: Assessing unilateral, coordinated, and conglomerate effects using advanced merger simulations.

  • Efficiencies & Failing Firm Defence: Quantifying economic efficiencies and evaluating the validity of “failing firm” arguments to justify concentrations.

  • Remedy Design & Negotiation: Developing and testing structural or behavioural commitments to alleviate CPC concerns and secure clearance.

The 2026 Regulatory Landscape: FDI Integration

As of April 2, 2026, the screening of foreign direct investments in Cyprus is governed by Law 194(I)/2025. Many concentrations now require a dual-track approval process:

  1. Antitrust Clearance: Handled by the CPC based on competitive impact.

  2. FDI Screening: Handled by the Ministry of Finance for investments in strategic sectors (Energy, Transport, Health, etc.) exceeding €2 million.

Trojan Economics provides the integrated economic evidence required to navigate both regimes simultaneously, ensuring consistency across all regulatory filings.

Why Choose Trojan Economics?

  • Independent Authority: Led by Dr Panayiotis Agisilaou, our firm is recognised for its objective, expert testimony and rigorous academic standards.

  • Data-Driven Precision: We use bespoke software tools and econometric modelling to provide “Clarity where it matters most.”

  • Proven Track Record: We have provided economic input on almost all high-profile Phase I and Phase II merger cases in Cyprus across the telecommunications, energy, and retail sectors.

 

Need a Threshold Assessment?

For more information about our Merger Control services, click here or get in touch with us via our Contact page.

Consult with our Merger Control Team.

Trojan Economics Merger Control Guide

 Trojan Economics FDI Guide