Nec Software Solutions Uk Limited completed the acquisition of Secure Solutions and Services business of Capita plc from Capita plc.
Nec Software Solutions Uk Limited completed the acquisition of Secure Solutions and Services (SSS) business of Capita plc from Capita plc (LSE:CPI) on January 3, 2022. The proceeds, net of transaction costs, will be used to reduce debt. As of January 5, 2022, the transaction is subject to approval of Competition and Markets Authority. The CMA is inviting comments from any interested parties by March 16, 2022, and has until April 29, 2022, for its Phase 1 decision. As of April 29, 2022, Competition and Markets Authority raises competition concerns CMA's investigation has found that NEC and SSS generally are two of only three suppliers of these services with a large established customer base. As a result, the deal raises concerns over competition for the three main services in this area. NEC has until May 9 to provide the watchdog with undertakings in response to these concerns. If no undertaking addresses the concerns, the CMA will refer the deal to an in-depth probe. On May 9, 2022, The Competition and Markets Authority has decided to refer this Merger for a phase 2 investigation. As on December 1, 2022, Following a detailed Phase 2 investigation by the Competition and Markets Authority (CMA), an independent inquiry group found competition concerns relating to 2 specialist software product markets that both companies supply, amongst others. As of December 12, 2022, Competition and Markets Authority ruled that certain roles of individuals will be changed and additional roles will also be given.