Mexico’s competition agency, the Federal Economic Competition Commission (“COFECE”), made public today, October 10, the initiation of an investigation into the market for the marketing of classified real estate advertisements (the “Investigated Market”) for possible unlawful concentration.
This investigation formally began on August 23, 2023. In it, COFECE will investigate whether companies carried out a merger, acquisition of control, or any act by means of which companies, associations, stock, partnership interest, trusts, or assets, in general, are consolidated with the purpose or effect to hinder, obstruct, diminish, harm, or impede free market access and economic competition in the Investigated Market.
As a result of the investigation, COFECE may order the correction, suspension, or partial or total divestiture of the unlawful concentration.
It could even impose fines up to the equivalent of 8% of the revenues of the participants in the unlawful concentration, as well as a fine of 5 thousand of measurement and updating units (UMA) or the equivalent of 5% of the revenues of the companies involved, if such unlawful concentration should have been subject to the scrutiny of COFECE for its prior authorization.
For additional information, please contact:
Fernando Carreño, Partner:+52 (55) 5258-1042 | fcarreno@vwys.com.mx
Sergio López, Partner:+52 (55) 5258-1042 | slopez@vwys.com.mx