COMPETITION GIVES ‘GREEN LIGHT’ TO THE PURCHASE OF MADEIRA SHOPPING BY SPANIARDS MAZABI

The Competition Authority (AdC) gave the Spanish group Mazabi the green light to proceed with the purchase of MadeiraShopping, in Funchal, through the subsidiary Atalaya La Tejita, according to a published notice.

The AdC’s opinion on this merger, which has not yet been carried out, was requested just over three weeks ago, when Atalaya La Tejita notified the acquisition of exclusive control over the Madeirashopping shopping centre, with the decision not to oppose the transaction being taken on Tuesday, according to the document published on the AdC website.

“On March 31, 2020, the Competition Authority’s Board of Directors decides to adopt a decision not to oppose the merger, since it is not likely to create significant barriers to effective competition in the identified market ”, reads in the published decision.

Atalaya is a Spanish company that is dedicated to real estate investment and specializes in the development and management of shopping centres and is part of the Spanish group Mazabi, owner of several investment management companies and family real estate, according to the same notice.

The MadeiraShopping shopping centre, located in Funchal, Madeira Island, is the largest shopping centre on the island, with more than 100 stores, according to the information available on its website.