On 18 December 2019, Fujifilm publicly announced that it had entered into an agreement with Hitachi to purchase its diagnostic imaging business, including products such as CT, MRI, ultrasound, and X-ray systems.

NERA provided economic advice to Fujifilm throughout the transaction’s notification and review process worldwide, with a focus on Germany and Austria. NERA’s economic advice included market definition as well as potential vertical aspects.

The German and Austrian competition authorities cleared the transaction on 22 January and 8 February 2021, respectively. Other competition authorities that reviewed the transaction include Japan’s Fair Trade Commission, China’s State Administration for Market Regulation, the Turkish Competition Authority, and the US Federal Trade Commission.