The European Commission cleared the acquisition of some Volvo IT operations and assets by HCL Technologies Sweden on Jan. 28 after a simplified merger review.
HCL Technologies Sweden, based in Sweden, is controlled by worldwide technology and information technology services provider HCL Technologies Group. Volvo IT, also based in Sweden, is owned by AB Volvo. The commission’s examination showed that the merging parties’ combined market shares would be low and a number of strong competitors will remain in the relevant markets.
For these reasons, the transaction isn’t expected to raise anticompetitive concerns.
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