Division (54)

Even if switching cost exist, it seems unlikely that the transaction would lead to competition concerns due to the parties' high combined market shares downstream. This is because of (i) the negative evolution of the parties' joint market shares, (ii) the intense competition between GDSs, even on national markets where they have high market shares downstream, as evidenced by the increase over time in incentives paid to TAs in such national markets and (iii) the generally positive views of the TAs on the merger which is based on their conviction that the merger will create a strong alternative to Amadeus.