A concentration in line with Article 10 of the Prevention of the Restriction of Competition Act (hereinafter: Competition Act) is a change of control on a lasting basis due to a merger, acquisition of control or creation of a joint venture performing on a lasting basis all the functions of an autonomous economic entity.
The Competition Act defines the following as concentrations:
• the merger of two or more previously independent undertakings or parts of undertakings;
• the acquisition of direct or indirect control of one or more other undertakings, in whole or in part, by one or more natural persons already controlling at least one undertaking, or by one or more undertakings, whether by the purchase of securities or assets, by contract or by any other means; or
• creation of a joint venture by two or more independent undertakings, performing on a lasting basis all the functions of an autonomous economic entity