NMa wants to further investigate takeover of Gouden Gids by Telefoongids

The acquisition of Gouden Gids (division of Truvo Nederland) by Telefoongids (division of European Directories) may impede competition on the markets for offering advertising space. The Netherlands Competition Authority (NMa) has concluded this after an initial investigation. The regulator has therefore decided that a license is required before this takeover is effected. During the license procedure the NMa shall undertake further investigation into the exact consequences the acquisition may have for competition.

Both parties offer both paper and online directories containing the contact information of businesses and persons. They give businesses the opportunity to advertise in these directories ('directional advertising'). The merger of Gouden Gids and Telefoongids may result in not enough remaining advertising possibilities in paper directories for businesses. Alongside this the NMa has concluded that Telefoongids and Gouden Gids could secure a strong position in the area of advertising opportunities in online directories.

The follow-up investigation by the NMa will also be aimed at the question of whether and to what extent online advertising opportunities exert competitive pressure on the paper directories offered by the parties. The NMa will also investigate to what extent other online advertising opportunities, like general search engines, exert adequate competitive pressure on the parties' online directories.

In the event of a merger or takeover above a certain turnover threshold, the NMa assesses whether such a position of power emerges that has negative consequences for the prices, quality and diversity on the market. The NM