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Greenberg Traurig assists Agora in the appeal against the decision of the President of the Polish Office of Competition and Consumer Protection prohibiting the takeover of Eurozet

WARSAW, February 11, 2021 - Lawyers from the Competition Law Practice of the Greenberg Traurig Warsaw Office assisted Agora S.A. in connection with filing of an appeal against the decision of the President of the Polish Office of Competition and Consumer Protection (the “OCCP President”), issued on January 7 2021, prohibiting Agora from taking control over Eurozet Sp. z o.o.

Agora appealed against the decision of the OCCP President in its entirety. The Management Board of Agora stated that in the view of the Company, supported by the opinions of experts in the fields of economics, competition law and the radio market attached to the appeal to the District Court in Warsaw – the Competition and Consumer Protection Court, there are serious concerns as to the factual correctness of the decision issued by the OCCP President, therefore the Company requested it to be amended by issuing an unconditional decision consenting to the concentration of Agora and Eurozet.

According to Agora, the OCCP President referred to the theory of a "quasi-duopoly", unknown in competition law and economics, suggesting the tacit coordination of the merged entity (Agora and Eurozet) with the market leader, RMF FM group. The Company states that antimonopoly authority completely overlooked in its considerations the specific features of the radio market, and consequently formulated a series of hypothetical scenarios that have no relation to market realities. Incorrect application of substantive law resulted in the first decision of the President of OCCP prohibiting the concentration in 10 years.

The Warsaw Office of Greenberg Traurig previously represented Agora in the acquisition of a 40% stake in Eurozet sp. z o.o. and negotiation of a shareholders’ agreement with its majority shareholder SFS Ventures s.r.o. with its registered office in Prague. Subsequently and in accordance with the shareholders’ agreement, Agora announced its intention to execute the call option for the remaining 60% of shares and filed for obtaining concentration consent of the OCCP President. Greenberg Traurig lawyers advised Agora on the proceedings regarding concentration control before the OCCP President.

Greenberg Traurig is providing comprehensive legal advice with respect to the transaction and the proceedings before the OCCP President and the Competition and Consumer Protection Court appeal.

The Greenberg Traurig competition team advising Agora is led by Partner and Head of the Practice Robert Gago together with Senior Associate Ewa Tabor. The core competition team included Associates Filip Drgas Marta KownackaSenior Associates Agnieszka Stopińska and Anna Celejewska-Rajchert.

Agora S.A. is one of the largest and best-known media corporations in Poland. The Group's largest enterprises include Helios S.A. – a cinema network operator, "Gazeta Wyborcza" – a nationwide opinion-forming daily newspaper and AMS – a leader on the Polish outdoor advertising market.

Eurozet is one of the leading media groups in Poland, involved in the production and broadcasting of radio programming, the sale of advertising spots, brokerage activities for stations and online services, as well as the development and management of online services. It includes five stations: Radio ZET, Antyradio, Chillizet, Meloradio, and Radio Plus, online services, Studio ZET, which produces commercials, and Eurozet Live, a brand dedicated to venue and event marketing.

Greenberg Traurig LLP

Greenberg Traurig, LLP is an international, multi-practice law firm with approximately 2200 attorneys serving clients from 40 offices in the United States, Latin America, Europe, Asia, and the Middle East.

Greenberg Traurig Grzesiak sp.k. was named the 2019 and 2018 Most Innovative Law Firm of the Year Award for Poland by International Financial Law Review (IFLR) and the 2017 Law Firm of the Year in Poland by Chambers and Partners. The Warsaw office of Greenberg Traurig, LLP provides legal services to clients in Central Europe and beyond and consists of approximately 100 lawyers. Team members are regularly recognized as leaders in numerous practice areas. Chambers Global, Chambers Europe, IFLR1000 and EMEA Legal 500 consistently rank them among the top tiers the areas of Corporate/M&A, Capital Markets, Real Estate, Private Equity, Tax, Banking and Finance, Project Finance, Energy, Dispute Resolution and TMT.

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