The Italian Competition Authority (ACGM) has announced that as of March 21, 2022, the turnover thresholds that trigger the obligation to make a prior notification of a merger control transaction are the following:

• €517 million, as the total turnover achieved at the national level by the set of companies involved

and

• €31 million, as the total turnover achieved individually at the national level by at least two of the companies concerned.

The update involves a slight increase with respect to the first threshold previously in force (set at €511 million) and is the result of a periodic revaluation of the threshold amounts on the basis of a change in GDP price deflator index.

We remind you that turnover thresholds are cumulative, and if you have operations subject to the notification obligation it is advisable to contact the ACGM in advance in order to plan a timeline for the analysis and authorization procedure.

We remain at your disposal for any further information and clarification.