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Case M.9287 - CONNECT AIRWAYS / FLYBE

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Case M.9287 - CONNECT AIRWAYS / FLYBE EUROPEAN COMMISSION DG Competition Case M.9287 - CONNECT AIRWAYS / FLYBE Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) in conjunction with Art 6(2) Date: 05/07/2019 In electronic form on the EUR-Lex website under document number 32019M9287 EUROPEAN COMMISSION Brussels, 5.7.2019 C(2019) 5244 final PUBLIC VERSION In the published version of this decision, some information has been omitted pursuant to Article 17(2) of Council Regulation (EC) No 139/2004 concerning non-disclosure of business secrets and other confidential information. The omissions are shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a general description. To the notifying parties Subject: Case M.9287 – Connect Airways/Flybe Commission decision pursuant to Article 6(1)(b) in conjunction with Article 6(2) of Council Regulation No 139/20041 and Article 57 of the Agreement on the European Economic Area2 1 OJ L 24, 29.1.2004, p. 1 (the 'Merger Regulation'). With effect from 1 December 2009, the Treaty on the Functioning of the European Union ('TFEU') has introduced certain changes, such as the replacement of 'Community' by 'Union' and 'common market' by 'internal market'. The terminology of the TFEU will be used throughout this decision. 2 OJ L 1, 3.1.1994, p. 3 (the 'EEA Agreement'). Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË Tel: +32 229-91111. Fax: +32 229-64301. E-mail: [email protected]. Table of Contents 1. THE PARTIES ............................................................................................................ 4 2. CONCENTRATION ................................................................................................... 6 2.1 Overview ........................................................................................................... 6 2.2 Acquisition of joint control over Flybe Group, Flybe, Propius and Stobart Air ......................................................................................................... 6 2.3 The first and second transaction constitute a single concentration ................... 8 2.4 Conclusion ....................................................................................................... 10 3. EU DIMENSION ...................................................................................................... 10 4. ANALYTICAL FRAMEWORK AND MARKET DEFINITION ........................... 11 4.1 Air transport of passengers 3rd O&D approach ............................................... 12 4.1.1 Relevance of the O&D approach ....................................................... 12 4.1.2 Distinction between groups of passengers......................................... 13 4.1.3 Distinction between direct and indirect flights .................................. 14 4.1.4 Airport substitutability ....................................................................... 15 4.1.5 Substitutability of train transport services with air transport services .............................................................................................. 23 4.1.6 Relevance of the market for air transport services to tour operators ............................................................................................ 25 4.2 Air transport of passengers – Airport-by-airport approach ............................. 26 4.2.1 Relevance of the airport-by-airport approach .................................... 26 4.2.2 Relevant markets for the assessment of the effects of the Transaction on passenger air transport services under the airport-by-airport approach................................................................ 30 4.3 Market for the provision of access to flights of another carrier for connecting passengers in the context of interlining arrangements .................. 36 4.3.1 Relevance of feeder traffic analysis................................................... 36 4.3.2 Market definition ............................................................................... 37 4.4 Air transport of cargo ...................................................................................... 39 4.5 Maintenance, repair and overhaul (“MRO”) services ..................................... 41 4.6 Dry-leasing, wet-leasing and franchise services to other airlines ................... 42 4.7 Ground-handling services ................................................................................ 49 4.8 Competitive situation most likely to prevail absent the Transaction .............. 50 4.8.1 Flybe’s history and financial background ......................................... 51 4.8.2 Failing Firm ....................................................................................... 51 2 4.8.3 Most likely situation absent the Transaction ..................................... 54 4.8.4 Conclusion ......................................................................................... 56 4.9 Competitive situation for the assessment of air/rail overlaps .......................... 56 5. COMPETITIVE ASSESSMENT .............................................................................. 57 5.1 Passenger air transport services ....................................................................... 57 5.1.1 Passenger air transport services under the O&D approach ............... 57 5.1.2 Passenger air transport services under the airport-by-airport approach............................................................................................. 89 5.1.3 Feeder traffic.................................................................................... 110 5.2 Dry leasing services to airlines ...................................................................... 123 5.3 Wet-leasing services to airlines ..................................................................... 124 5.4 Franchise services to airlines ......................................................................... 125 5.5 Cargo air transport services ........................................................................... 126 5.6 MRO services ................................................................................................ 127 5.6.1 Horizontal overlaps.......................................................................... 127 5.6.2 Vertically affected markets .............................................................. 127 5.6.3 Conclusion ....................................................................................... 128 5.7 Ground-handling services .............................................................................. 128 5.8 Airport infrastructure services ....................................................................... 129 5.9 Conclusion ..................................................................................................... 131 6. THE PROPOSED COMMITMENTS ..................................................................... 132 6.1 Description .................................................................................................... 132 6.1.1 Slot release on city pairs with competition concerns ...................... 132 6.1.2 Conditions pertaining to the slots .................................................... 133 6.1.3 Grandfathering rights ....................................................................... 133 6.1.4 Consideration ................................................................................... 134 6.1.5 Other provisions .............................................................................. 134 6.1.6 Sunset clause ................................................................................... 135 6.2 Assessment of the proposed Commitments ................................................... 135 6.2.1 Structure and design of the Commitments ...................................... 136 6.2.2 Outcome of the market test .............................................................. 136 6.2.3 Conclusion on the Commitments .................................................... 137 7. CONCLUSION ....................................................................................................... 140 3 Dear Sir or Madam, (1) On 14 May 2019, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which Virgin Atlantic Limited (“Virgin Atlantic”), Cyrus Capital Partners, L.P. (“Cyrus”) and Stobart Group Limited (“Stobart Group”) acquire, through Connect Airways, within the meaning of Article 3(1)(b) of the Merger Regulation joint control of Flybe Group plc (“Flybe Group”) and its trading subsidiaries, Flybe Limited, which owns Flybe Aviation Services Limited, and Flybe.com Limited (Flybe Limited, Flybe Aviation Services Limited and Flybe.com are together referred to as “Flybe”). (2) Virgin Atlantic, Cyrus and Stobart Group also acquire, through Connect Airways, within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Propius Holdings Ltd (“Propius”), Stobart Aviation Limited’s aircraft leasing business, as well as of Stobart Aviation’s operating airline business, Stobart Air Unlimited Company (“Stobart Air”).3 Virgin Atlantic, Cyrus and Stobart Group are together referred to as “the Notifying Parties”. Flybe Group, Flybe, Propius and Stobart Air are together referred to as the “Target companies”. The operations which bring about the above
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