A court ruling in favour of Swedish home sellers. That is the Swedish Competition Authority’s comment on the decision that prohibits the real estate merger where Swedish bank Swedbank, owner of the country’s largest real estate chain Fastighetsbyrån, acquired their number one competitor Svensk Fastighetsförmedling.
"We are very satisfied with the judgement. It means that competition in the market for real estate services can continue to function. From a consumer perspective, it is important that home sellers have different real estate agents to choose from", says Dan Sjöblom, Director General of the Competition Authority.
The decision from Stockholm City Court means that the transaction, Swedbank’s acquisition of Svensk Fastighetsförmedling, shall revert to the previous situation. That is primarily Swedbank’s responsibility. The judgment is fully in line with the Competition Authority’s claim.
"When the number one market player buys the runner-up, as in this case, it very often raises competitive concerns. It is good that also the Court stands behind this", says the Competition Authority’s Chief Legal Officer, Per Karlsson.
"This is a very important decision, which may be of great significance for how mergers and acquisitions similar to this one can be handled in the future", says Dan Sjöblom.
The court ruling can be appealed to the Market Court, which is the final instance. If the decision is appealed the final judgement shall be delivered within three months.
For further information, please contact:
Jimmy Dominius, Press Officer, tel +46(0)8-7001580 or +46(0)765421580
Per Karlsson, Chief Legal Officer, tel +46(0)76 542 1556