Bulgaria’s competition regulator said that it has given clearance to local express delivery company Speedy [BUL:0SP] to acquire its peer Rapido Express and Logistics. At the same time, the Commission for Protection of Competition fined Speedy 205,622 levs because the company had failed to disclose the fact that Rapido Express and Logistics acquired assets of local peer D&D Express in March, the regulator said in its decision, published late on Thursday. The fine is equal to 0.2% of Speedy’s turnover in 2017.
In terms of courier services on the domestic market, Speedy holds the second place with a market share of 20-30%, while Rapido Express and Logistics has a market share of 5-10%. Following the acquisition, Speedy will keep its second place after the market leader, Econt Express, which holds a market share of 40-50%. Regarding international courier services, the combined market share of Speedy and Rapido amounts to 20-30%, while the market leader – DHL Bulgaria, has a market share of 30-40%.
In May, Speedy said it has entered talks for acquisition of Rapido Express and Logistics for a price of between 6 million euro and 12 million euro ($7 million – $14 million). The final price of the deal depends on the financial results of Rapido Express and Logistics and will be paid in installments over 30 months, Speedy said at the time.