VTech acquisition of LeapFrog
We advised both parties on VTech’s acquisition of LeapFrog. After an in-depth Phase II investigation, the Competition and Markets Authority signaled its provisional intention to unconditionally clear the merger. The parties’ products overlap within “toddler electronic learning toys” and “child tablets” in the UK. A survey commissioned by CRA showed that consumers consider a wide range of toys when making purchasing decisions. This, coupled with CRA evidence of the dynamic nature of the toy business, the large number of toy manufacturers, and the considerable choice and bargaining power that retailers had in choosing from suppliers, made it clear that the merger would not lead to a reduction in competition. The CRA team was led by Matthew Bennett and included Vicki Mertzanidou, Sam Brown, and Angelos Stenimachitis.