Merger Update: Cochlear / Oticon Medical

Merger reference decision announced:

On 6 December 2022, the CMA decided that it was or may be the case that the following Merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.

Anticipated acquisition by Cochlear Limited of the hearing implants business of Demant A/S, known as Oticon Medical.

Pursuant to section 73A(1) of the Act, the Parties had until 13 December 2022 to offer an undertaking to the CMA that might be accepted by the CMA under section 73(2) of the Enterprise Act 2004 (the Act). On 13 December 2022, the Parties informed the CMA that they would not be offering any undertakings. The CMA has therefore decided to refer this Merger for a phase 2 investigation pursuant to sections 33(1) and 34ZA(2) of the Act.

The text of this decision will be placed on the Competition and Markets Authority's website at https://www.gov.uk/cma-cases as soon as is reasonably practicable.

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