How independent must a joint venture (JV) be from its parents? What does the European Commission mean when it talks about a real estate JV lacking an autonomous, long-term business activity in the market?

The European Commission’s guidance on what constitutes a ‘full-function’ JV can be difficult to interpret.

The issue often arises in the real estate and infrastructure sectors, where companies with significant gloabl and EU-wide revenues make joint investments. 

The webinar covers:

  • what full-functionality means in practice
  • the relevance of the Austria Asphalt case decision
  • the relevance of HeidelbergCement / Schwenk / Cemex in market concentration.


Matt Evans, Antitrust and Competition partner, Jones Day

Matt Evans advises on both merger control and behavioural competition law matters. On transactions, he represents clients before the Competition and Markets Authority and European Commission to obtain regulatory clearance for mergers and acquisitions and joint ventures. On the behavioural side, Matt advises on investigations into anticompetitive agreements and practices, including cartels and supply arrangements, market investigations, abuses of dominant positions, state aid, and EU free movement issues. He has extensive experience advising clients on the merger control aspects of real estate joint ventures. More generally, he works with clients in a range of sectors, including real estate, energy, healthcare, telecoms, technology, music and fast-moving consumer goods.

James Marshall, Antitrust and Competition partner, Bryan Cave Leighton Paisner

James Marshall advises on all aspects of competition law and sector regulation, including mergers, investigations, commercial agreements, behavioural issues, compliance and risk. He has experience of conduct regulation and competition issues in infrastructure and financial sectors. James also has extensive experience of advising on merger control for real estate and infrastructure joint ventures. He has also worked with major global businesses across the UK, Europe, Australia and the wider Asia-Pacific region. James recently spent six months working with the UK Competition and Markets Authority, helping develop policy and guidance for the UK competition regime.

Recorded 5 September 2018