Tr ans ac t i on Repor t s 62 Finance Monthly. About the Deal On September 30th, 2022, the French Competition Authority (ADLC) cleared the acquisition of OCP Repartition, subsidiary of McKesson Europe, by Phoenix Group with minor behavioural remedies following Phase I review. This decision follows the unconditional clearance by the European Commission of all other EEA countries and referral back to the ADLC for France. The deal involved overlaps in the wholesale and retail distribution of pharmaceutical goods in several European countries. The ADLC considered both local markets and a national market taking into account the buyer power of the Pharmaceutical Purchasing Groups which mainly operate at national level. CRA played a pivotal role in showing the role of PPGs and the increasing competitive constraints from players evolving outside the defined market, convincing the ADLC to accept the proposed behavioural remedies. A CRA team including Laurent Flochel, Romain Bizet, and Sylvestre BoittinDuchesne advised both Parties for the European Commission and the ADLC proceedings. PHOENIX PHARMA’S Acquisition of Advisers: OCP RÉPARTITION
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