March 14 (SeeNews) - Bulgaria's competition authority said on Tuesday it granted approval to security services provider VIP Security to acquire control of Sofia-based G4S Security Solutions, part of UK-based G4S.
The acquisition will not lead to the establishment or deepening of a dominant position on the physical and technical security services markets, since the combined market share of the two companies in both sectors was 10-20% in 2015, the Commission for Protection of Competition (CPC) said in a statement.
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The two companies held a combined market share of 50-70% in terms of transportation and guarding of valuable assets in 2015, the regulator said. However, since most contracts for these types of services have fixed terms of between one and three years, the CPC concluded that in this particular case the market share can easily change and is not a reason to deny the acquisition.
VIP Security is fully owned by Sofia-based S Group International, according to Commercial Registry data. The company's activities cover the full range of security services throughout the country for both corporate and individual customers. It has more than 1,000 employees and 130 specially equipped vehicles and operates over 220 offices in the country.
G4S Secure Solutions offers security services to banks, insurance companies, retailers, public institutions and households. Its portfolio of services include manned security, cash-in-transit, technical security systems.