The European Commission has initiated an extensive investigation into Terminal Investment Limited Holding’s (TIL) proposed acquisition of joint control over Terminal Catalunya (TERCAT) alongside Hutchison Ports. Authorities have raised initial concerns that this transaction could result in elevated prices and diminished service quality at the vital container terminal in Barcelona.
TERCAT, which operates the Barcelona Europe South Terminal (BEST), serves as the primary deep-sea cargo gateway for Barcelona and its surrounding regions. TIL, partly owned by Mediterranean Shipping Company (MSC) and BlackRock, aims to gain joint control with Hutchison Ports, but the deal has alarmed EU competition regulators. Preliminary investigations suggest a potential reduction in competition for container terminal services could occur, potentially allowing the merged entity to engage in “partial foreclosure” against MSC’s rivals, leading to higher costs and decreased access to necessary port services.
The investigation into Barcelona’s terminal is one of three ongoing Phase II merger reviews by the Commission, which includes acquisitions in other sectors. The Commission has until April 30, 2026, to finalize its assessment of the deal, following a standard review period initiated when the transaction was notified on November 5, 2025. If approved, MSC would significantly enhance its global terminal network, positioning it as a leading force in the container terminal market.
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