The recent amendment to Italian Antitrust Law 287/1990 (“IAL”) grants the Italian Competition Authority new powers to review mergers that fall below the traditional turnover thresholds. The new framework applies if: (a) at least one of the two thresholds set out in the IAL is met or the parties’ aggregate worldwide turnover exceeds €5 billion; (b) the transaction poses concrete risks to competition in Italy, also considering the impact on small companies characterised by innovative strategies; and (c) the call-in is made within 6 months of closing.

Our Private Equity Focus Team and Competition/Antitrust Practice explore the criteria set out in the ICA’s guidelines and the principles emerging from its recent caselaw, offering practical guidance to help companies navigate the uncertainty surrounding the authority’s new powers in the newsletter available here.