UK CMA starts investigation into acquisition by ION Investment of Broadway Technology
The regulator has a deadline of June 17, 2020 for its phase 1 decision.
Shortly after the UK Competition and Markets Authority (CMA) invited comments on the acquisition by ION Investment Group Limited of Broadway Technology Holdings LLC, the regulator announces the start of its investigation into the deal.
The CMA is considering whether it is or may be the case that this transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
The regulator announced the launch of its merger inquiry by notice to the Parties on April 20, 2020 and has a deadline of June 17, 2020 for its phase 1 decision.
In February 2020, ION announced a recapitalization of provider of high-performance capital markets solutions Broadway Technology, in which ION acquired a controlling stake alongside Long Ridge Equity Partners and the Broadway founders.
“Partnering with ION provides the investment to accelerate our product roadmap including workflow automation technology across different market segments and asset classes,” said Tyler Moeller, co-founder and CEO of Broadway,
“Broadway’s client-first approach and strong cloud expertise are an excellent complement to our business and their leading offering in FX further augments our recent acquisition of FX low-latency specialist MarketFactory,” said Andrea Pignataro, CEO of ION.
Broadhaven Capital Partners served as advisor to Broadway, and Morgan Lewis was counsel. UBS Investment Bank acted as exclusive financial advisor to ION and Paul Hastings was counsel.
