Merger Update: Constellation / ABVR Holdings

Reference to a Phase 2 investigation: Constellation Developments Limited / ABVR Holdings Limited

On 29 September 2025, the CMA decided that it was or may be the case that the above Merger has resulted or may be expected to result in a substantial lessening of competition (SLC) within a market or markets in the United Kingdom.

Pursuant to section 73A(1) of the Act, Constellation had until 6 October 2025 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 6 October 2025, Constellation informed the CMA that it would not be offering any undertakings. The CMA has therefore decided to refer this Merger for a phase 2 investigation pursuant to sections 22(1) and 34ZA(2) of the Act.