The CMA articulated that its decision on the Microsoft-Inflection situation was rooted in the consideration, per the Enterprise Act 2022, that an enterprise isn't merely a tangible combination of assets but includes crucial human capital, such as a specialized team, particularly when it can sustain and advance specific business activities, thus laying the foundation for potential mergers.
In defining what constitutes a merger situation, the CMA emphasized that it extends beyond mere asset aggregation. The assessment includes vital elements like the collective expertise and capabilities of a workforce, thus reinforcing that the integration of human capital can significantly influence the evaluation of business transactions under regulatory statutes.
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