On 16 July 2025, the European Commission unconditionally approved the Kingdom of Denmark’s acquisition of Copenhagen Airport in Phase 1.

By virtue of the Kingdom of Denmark’s pre-existing ownership of a minority stake in SAS AB (SAS), the transaction created a vertical overlap for routes operating to and from Copenhagen Airport. The Commission’s investigation focused on potential input foreclosure in terms of access to Copenhagen Airport’s terminal and ground services. After a thorough assessment of the regulatory framework binding Copenhagen Airport and an economic assessment of potential incentives to foreclose, the Commission concluded that the transaction did not raise ‘serious concerns’.

Oxera’s team, led by Michele Granatstein and supported by Giuseppe Buglione, Celia Baye, Louis Pech, Luka Parisi, Andreas Selvig Ødegård, Álvaro Belmar and Jose Sanchez-Ameijeiras, worked with the Danish Ministry of Finance on its merger control filing before the Commission. Oxera contributed its combined expertise in the economics of merger control, aviation, and regulation to support the filing.