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The Grand Chamber of the EU Court of Justice has handed down a landmark judgment in the Illumina/Grail merger case. It overturned the General Court and found that the Commission did not have jurisdiction to review the deal.
In 2021 the Commission had changed policy and considered it could review mergers which did not cross national or EU merger notification thresholds. It considered that this new approach was particularly relevant in dynamic industries, such as the digital and life sciences sectors, where historic revenue thresholds may not capture so-called “killer acquisitions”. The Court of Justice held that the Commission had no power to review such mergers under the Merger Regulation. As well as changing the way in which EU merger control operates, the judgment will be a leading authority on EU statutory interpretation.
Daniel Beard KC and Josh Holmes KC acted for Illumina.