Belgium: M&A/Private Equity

The EU General Court has upheld the European Commission's prohibition of Booking's acquisition of Etraveli, marking the first judicial endorsement of an "ecosystem" theory of harm in merger control. This landmark ruling validates the EC's use of reverse leveraging and entrenchment theories, establishing that dominant firms can be blocked from acquiring assets in adjacent markets even where they lack dominance in the target's market. The decision has far-reaching implications for digital platform acquisition

Belgium has adopted its CRD VI transposition law, introducing a harmonised regime that requires non-EEA banking institutions to establish NBB-authorised branches when providing core banking services in Belgium. The new framework, which takes effect on 11 January 2027, marks a significant shift from Belgium's previous approach that generally permitted cross-border lending without local authorisation.

Goodwin Procter LLP submits detailed observations on the European Commission's draft merger control guidelines, identifying four critical areas where current drafting risks undermining legal certainty: the innovation shield's failure to operate as a genuine safe harbour, insufficient evidentiary boundaries for reverse killer acquisition theories, lack of limiting principles in entrenchment and ecosystem theories, and unworkable compliance obligations regarding common ownership by institutional investors.

The European Commission is advancing a comprehensive simplification agenda for EU corporate taxation while simultaneously withdrawing proposals that lack political consensus. As negotiations on the next Multiannual Financial Framework intensify and digital taxation debates resurface, businesses face a recalibration of how tax policy supports EU objectives in practice.

The BCA has designated five priority sectors for 2026 — agri-food, digitalization and telecommunications, healthcare, basic services (including regulated professions...

The Belgian Competition Authority (BCA) has published its priorities paper for 2026, setting out its enforcement priorities and strategic initiatives for the coming year.

The Belgian Competition Authority (BCA) is now actively reviewing transactions that fall below Belgian merger notification thresholds...

The availability of vast amounts of operational and consumer data, and advancements in artificial intelligence present opportunities...

What is the current business climate in your jurisdiction, including major political, economic, and/or legal activities on the horizon in your country that could have a big impact on businesses?