Ryanair completes Buzz deal without OFT clearance
Ryanair has today completed its takeover of smaller no-frills rival Buzz, even though the deal has not been cleared by UK regulatory authorities.
The UK’s Office of Fair Trading had been due to clear the deal earlier this month, but failed to do so because of competition concerns. The deal has already been cleared by regulatory authorities in Ireland and Germany.
Ryanair’s latest move means it could be faced with having to sell all or some of Buzz if the deal is ruled to be uncompetitive at a later date.
The Irish airline is paying EUR20.1m for Buzz, less than the original agreed purchase price of EUR23.9m. In a statement the company said the difference was due to “a number of issues, which arose during the due diligence process.”
Ryanair chief executive Michael O’Leary said:”We have been delighted with the speed and success of the turnaround and relaunch of the core Buzz operation. This turnaround will transform a company that was losing over EUR1m a week, to one that will be profitable when it relaunches on 1 May next.”
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