Engagements

EC clears joint acquisition of Mooney by ENEL and Intesa Sanpaolo

On 17th June 2022, the EC cleared the joint acquisition of Mooney by ENEL (Italy’s largest manufacturer and distributor of electricity and gas) and Intesa Sanpaolo (Italy’s largest bank) following a Phase I review.

The Parties overlap in payment services (mostly taxes and utilities) through both first and third-party retail outlets, and their digital platforms in Italy. In addition, the Parties overlap in merchant acquiring, provision of POS terminals, card issuing and the provision of telephone top-ups. Following its investigation, the EC found no evidence that the merger would lead to a substantial lessening of competition.

A CRA team led by Patrick Andreoli-Versbach, including Francesca Garbin and Isabella Pandelli, supported ENEL and Intesa Sanpaolo through the transaction, showing, inter alia, that online and offline payment services are part of a wider payment market. In addition, CRA played a pivotal role in showing how dynamic the payment industry is and the Parties’ strong degree of complementarity.

Further details are available on the EC case page.

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