|By Marketwired .||
|March 13, 2014 05:01 PM EDT||
OTTAWA, ONTARIO -- (Marketwired) -- 03/13/14 -- Competition Bureau
The Competition Bureau announced today that it has issued a No Action Letter (NAL) with respect to Garda World Security Corporation (GardaWorld)'s acquisition by one of its subsidiaries of G4S Cash Solutions (Canada) Limited (G4S).
However, our review identified competition concerns relating to armoured car services in Quebec. Therefore, GardaWorld provided the Commissioner with a commitment to change certain of its contracting practices relating to the provision of these services in Quebec. These changes are intended to make it easier for armoured car services customers to exit their contracts and switch to another service provider. In particular, GardaWorld will allow customers to terminate their contracts without penalty on 30 days written notice. Further, GardaWorld is required to notify all GardaWorld and G4S armoured car services customers in Quebec of the terms of its commitment to the Bureau. The Bureau intends to monitor the post-merger competitive dynamics in this industry.
-- A NAL confirms that the Bureau has reviewed a specific proposed transaction and concluded that it will not, at this time, challenge that proposed transaction before the Competition Tribunal under the mergers provisions of the Competition Act. In this case, the Bureau issued a NAL that acknowledges the potential benefits of GardaWorld's commitments and advises GardaWorld that the Commissioner intends to monitor the post- merger competitive dynamics in the industry. -- Headquartered in Montreal, GardaWorld is successfully established in Quebec and across the United States and provides business solutions and security services around the world. -- G4S has offices all across Canada with over 1,000 employees.
"Our review concluded that the GardaWorld and G4S transaction raised competition issues relating to armoured car services in Quebec. GardaWorld's commitments are intended to make contract terms more favourable to customers and allow them greater flexibility to exit their contracts and switch to a competing service provider. Should our monitoring of the industry reveal evidence that there has been a violation of the Act, we will not hesitate to take appropriate action."
John Pecman, Commissioner of Competition
Follow us on Twitter: @CompBureau
The Competition Bureau, as an independent law enforcement agency, ensures that Canadian businesses and consumers prosper in a competitive and innovative marketplace.
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