Competition watchdog probes Ion takeover of Fidessa

Competition watchdog probes Ion takeover of Fidessa

The UK's Competition and Markets Authority (CMA) has launched an investigation into Ion Investment Group's proposed £1.5 billion takeover of trading technology firm Fidessa.

In a statement, the CMA says that it is considering whether the deal "may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services".

Irish outfit Ion beat out Temenos for Fidessa last month. The firm has grown its business over the year through a series of targeted acquisitions. In February it acquired Openlink Financial, continuing a treasury management investment buying spree which has seen it swallow up IT2, Financial Software Systems and Wall Street Systems.

The CMA has set a deadline of 2 July for interested parties to comment on the deal and plans to make a phase one decision by 13 August.

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