UK competition regulator invites comments on ION Investment/Broadway Technology deal
The CMA is considering whether this transaction has resulted in a substantial lessening of competition.
The UK Competition and Markets Authority (CMA) is inviting comments on the completed acquisition by ION Investment of Broadway Technology Holdings.
The regulator 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 has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
To assist it with this assessment, the CMA invites comments on the transaction from any interested party. Comments are accepted by April 24, 2020.
Let’s recall that, in February this year, 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.
