France clears Banijay Gaming’s planned acquisition of Joa without conditions
Deals & M&A1 min read
France’s Autorité de la Concurrence approved Banijay Gaming’s planned acquisition of casino operator Joa without conditions, finding the transaction unlikely to harm competition. The authority focused on poker as the main potential overlap between online and land-based gambling, and said current rules barring online casino games limited its assessment.
The competition authority in France cleared Banijay Gaming's proposed purchase of Joa, a casino operator, with no conditions attached. Its conclusion was that the deal is unlikely to damage competition.
According to the Autorité de la Concurrence, no earlier review in France had looked at a merger linking online and land-based gambling businesses. The watchdog checked whether the merged group might use packages covering both channels to put competitors at a disadvantage. Prospects for legal online casino games were left out of the review because the authority considered them too uncertain.
Banijay agreed in July to buy Joa from funds managed by Blackstone and Kings Park Capital. Joa operates 33 casinos.
Laurent Lassiaz, chairman of Joa, said at the announcement that Banijay's “expertise in technology and digital innovation” would speed up omnichannel growth. Lassiaz added that the arrangement would let the business retain “the entrepreneurial spirit and local roots” it values. Banijay Group chief executive François Riahi pointed to the group's Tipico purchase. In his words, "The acquisition of Joa is fully relevant with this evolution."