The Mergers Act also includes a provision dealing with asset acquisitions. The Act's thresholds are not limited to the value of the parties' Irish assets or Irish turnover. In the case of an asset acquisition, the notification obligation applies only if the value of the assets acquired is more than IR 10 million or the value of the turnover generated by the assets acquired exceeds IR 20 million.
Filing is mandatory.
However, in administering the Act, the DETE does make such a distinction. As noted above, the financial thresholds in the Act are not limited to the value of the parties' Irish gross assets or Irish turnover. If the Irish turnover or assets of the 'target' exceed the relevant threshold, then the DETE will normally require a detailed notification to be filed. If, on the other hand, neither the Irish turnover nor the gross assets in Ireland of the target exceed the relevant thresholds, the DETE takes the view that the Act does not apply. In response to such a submission, the DETE will issue a 'no-jurisdiction' letter stating that, in its view, the transaction is not notifiable and that the Minister therefore does not intend to make a prohibition order or an order imposing conditions.