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President of OCCP approves the take-over of Sygnity by Asseco

President of the Office of Competition and Consumer Protection has not observed any restriction of free competition or creation of dominant position as a result of obtaining control over Sygnity by Asseco.

President of the Office of Competition and Consumer Protection has not observed any restriction of free competition or creation of dominant position as a result of obtaining control over Sygnity by Asseco. These findings relate to all the markets in which both companies operate.

 

The Office of Competition and Consumer Protection (OCCP) conducted a diligent research, performing a detailed analysis of the IT market. This involved gathering opinions of 47 providers of IT services as well as carrying out a survey among the largest clients in the market.

 

The analysis performed by OCCP shows that neither Asseco nor Sygnity presently maintain a dominant position in any of the analyzed markets, and has excluded the possibility of gaining such dominant position by these companies operating jointly once Asseco takes control over Sygnity. Moreover, OCCP confirmed that the examined concentration of businesses would not in any way impede or restrict free competition in any of the analyzed markets.

 

Obtaining OCCP's approval was a necessary condition to effect the tender offer to acquire up to 100% of shares in Sygnity as announced by Asseco in February 2012. However, this approval was granted after the said tender offer had been already terminated (without acquisition of any shares) as the maximum legally permitted period of 120 days to submit tenders to sell shares expired on 9 July 2012.

 

Having obtained a positive decision from OCCP, Asseco Poland is going to entirely reassess the potential investment and its rationale, taking into account the financial results published by Sygnity after the announcement of the tender offer as well as alarming information about Sygnity as disclosed in recent days.


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