Summary
The Australian Competition and Consumer Commission (ACCC) is considering an application for merger authorisation from Linfox Armaguard Pty Ltd (Armaguard) and Prosegur Australia Holdings Pty Limited (Prosegur).
Armaguard and Prosegur are proposing to combine their cash distribution and management, device monitoring and maintenance and ATM businesses in Australia (the Proposed Transaction).
Armaguard and Prosegur both offer cash-in-transit (CIT) services, including cash storage, transport and processing in Australia. CIT services are predominantly provided to banks and both large and small retailers.
Armaguard and Prosegur also supply other services including operating ATM networks, ATM device monitoring and maintenance services and valuable cargo transport services.
On 21 December 2022, the ACCC released a Statement of Preliminary Views, available below under ‘Consultations’. This document provided a summary of issues raised during the market inquiries consultation process and outlined the ACCC’s preliminary views about the Proposed Transaction and issues about which it sought further information.
On 9 March 2023, the Applicants provided their submission in response to the ACCC’s Statement of Preliminary Views, which includes a proposed court enforceable undertaking to the ACCC (the Proposed Undertaking).
On 1 May 2023, the Applicants provided a revised version of the Proposed Undertaking to the ACCC (the Revised Proposed Undertaking).
On 21 May 2023, the Applicants provided their submission responding to market feedback on the Revised Proposed Undertaking, as well as a further revised undertaking to the ACCC (the Further Revised Proposed Undertaking).
The ACCC usually has 90 days from the date that the application was lodged to make its decision, although it can extend the timeframe if the Applicants agree. The Applicants have agreed to a further extension to the timeframe for the ACCC to make a decision, until 14 June 2023, to allow the ACCC sufficient time to complete its assessment.
An indicative timetable for the ACCC’s assessment of this matter is set out below for your information
|
27 September 2022 |
Lodgement of merger application for authorisation and supporting submission. |
|
6 October 2022 |
Public consultation process begins. |
|
21 October 2022 |
Closing date for submissions from interested parties. |
|
21 December 2022 |
Statement of Preliminary Views released. |
|
20 January 2023 |
Closing date for submissions from interested parties in response to Statement of Preliminary Views. |
|
9 March 2023 |
Applicants provide response to Statement of Preliminary Views, including a Proposed Undertaking |
|
1 May 2023 |
Applicants provide Revised Proposed Undertaking |
|
21 May 2023 |
Applicants provide submission responding to market feedback and a Further Revised Proposed Undertaking |
|
14 June 2023 |
ACCC determination |
Applicant(s)
- Linfox Armaguard Pty Ltd
- Prosegur Australia Holding Pty Ltd
Target(s)
- N/A
Applications
Other
| Document title | Date | |
|---|---|---|
| Further Revised Proposed Undertaking | ||
| Revised Proposed Undertaking | ||
| Proposed Undertaking |