The Italian Competition Authority (AGCM) authorized the acquisition by the company of German shipping Hapag-Lloyd of 49% of the logistics group and Italian port Spinelli, whose share capital is currently 55% owned by the Spininvest of the Spinelli family and 45% by Lighthouse Italy, a wholly-owned subsidiary of Lighthouse UK, in turn controlled by iCON Infrastructure's iCON III fund. The transaction will take place through the acquisition by Hapag-Lloyd of the entire share capital of Lighthouse Italy and a further 4% stake in Spinelli from Spininvest.

The AGCM noted that the transaction 'does not result in horizontal overlaps on markets for the supply of Liner transport services for containerised cargo, which, 'with Reference to the market for the provision of handling services goods in containers, where Hapag-Lloyd also has a presence of the All negligible, the parties operate substantially on markets distinct geographical" and that 'an overlap negligible, and moreover hypothetical, horizontal would be realized also in the field of container handling services by land'.

"It exists, instead - specified the authority Antitrust in its latest weekly bulletin - A report vertical among container maritime transport activities High seas and short-haul operated by Hapag-Lloyd on routes to and from towards the Mediterranean and the activities carried out by Target (the Spinelli, ed), with particular reference to the services of port container handling offered by GPT and SCT (i port terminals and Genoa Port Terminal and Salerno Container Terminal participated by Spinelli, ed) in the ports of Genoa and Salerno, as well as container handling services by land in Italy and shipping agency in many Italian ports (and related ancillary services). Also vertically, however - according to the AGCM - the operation does not cause concern Competitive. In fact, in the first place, both Spinelli and Hapag-Lloyd had, in 2021, market shares of less than 30% in all relevant markets affected by the transaction, including assuming the most restrictive definition; in second place, following the completion of the transaction, Hapag-Lloyd would acquire joint control of Spinelli together with Spininvest, a third-party company that has no assets that overlap horizontally or vertically with activities by Hapag-Lloyd. That company therefore has no commercial interest to foreclose Hapag-Lloyd's competitors access to the services provided by the Spinelli Group (foreclosure) total), suffering only the losses resulting from that hypothetical strategy'.

The AGCM therefore concluded that 'the concentration under consideration. does not appear likely to significantly impede the effective competition in the markets concerned and to determine the the establishment or strengthening of a dominant position'.