The Competition Comission (COPROCOM) in Costa Rica announced yesterday that the thresholds for filing economic concentrations will be maintained for 2022. Therefore, according to the Law on Strengthening the Competition Authorities of Costa Rica (Law No. 9736) it is mandatory to notify and obtain the approval from COPROCOM for those concentrations that comply with the following:
- At least two of the parties to the transaction have carried out activities with incidence in Costa Rica in the previous two fiscal years.
- Overall, the gross sales or assets of all parties exceed ₡13,866,000,000.00 (approx. US$ 21,009,090.00).
- At least two of the parties to the transaction, considered individually, have gross sales or assets in excess of ₡693,300,000.00 (approx. US$ 1,050,454.00). Economic thresholds do not apply in the telecom market, consequently all telecom transactions must be notified.
It is important to remember that the Law eliminated the possibility of notifying transactions after closing and establishes a standstill obligation until authority approval is obtained (prohibiting the so-called “gun jumping”).