AGCM Approves Oaktree’s Takeover of Inter Milan: No Antitrust Investigation Required


The Italian Competition Authority (AGCM) has given the green light for Oaktree Capital Management to take control of Inter. The AGCM has decided not to initiate an investigation into Oaktree’s acquisition of exclusive control over Inter Milan and its subsidiaries, following Steven Zhang’s failure to repay a €395 million debt to the California-based fund.

Key points of the decision:

1. The acquisition occurred through Oaktree’s exercise of rights related to fixed-rate guaranteed bonds secured by Inter Milan shares.

2. This action was triggered by Inter Milan’s failure to pay amounts due on a loan granted in 2021, which matured on May 20, 2024.

3. As a result, Oaktree has indirectly acquired 99.6% of Inter Milan’s share capital and exclusive control over the club and its subsidiaries.

4. The AGCM concluded that this transaction does not significantly hinder effective competition in the relevant markets.

5. The authority also determined that the deal does not create or strengthen a dominant position in the market.

This decision by the AGCM effectively clears the way for Oaktree to assume control of one of Italy’s most prestigious football clubs. The smooth regulatory approval process suggests that the transition of ownership is not expected to cause any significant market disruptions or competitive imbalances in Italian football.


Serie A obsessive.