Case
CTS Eventim/FNAC Darty Merger
Analysis Group was retained on behalf of German live entertainment and ticketing service provider CTS Eventim AG & CO. KGaA (CTS Eventim) and FNAC Darty, a French online retailer of consumer electronic products, in connection with an investigation by the European Commission of the proposed merger between the parties.
An Analysis Group team led by Managing Principal Antoine Chapsal and Vice President Philipp Tillmann conducted a market study of the ticketing business in France to assess the size and makeup of the market, which was submitted to the European Commission. The European Commission approved the transaction with no divestiture requirements.
Meet Our People
Antoine Chapsal
Managing PrincipalDr. Chapsal is an economist who specializes in empirical and theoretical industrial organization. He has provided economic expertise in a large number of high-profile cases involving mergers, cartels, information exchanges, abuses of dominant positions, regulation, intellectual property matters, and damages quantifications. Recent examples include the Lafarge/Holcim and Fnac/Darty mergers, as well as airfreight, cathode ray tube, and elevator cartel cases. Dr. Chapsal has also assisted various firms in designing optimized pricing strategies and dealing with policy issues. His reports have been presented to the competition authorities of France, Germany, Austria, and South Africa; the European Commission; the Higher Regional Court of Düsseldorf; and the Court of Appeals, Conseil d’Etat, Conseil constitutionnel, and Tribunal of Commerce of Paris.
Prior to joining Analysis Group, Dr. Chapsal founded MAPP, a Paris- and Brussels-based economic consultancy, which was acquired by KPMG in 2018. Previously, he worked in a US competition economics consultancy. Dr. Chapsal regularly publishes articles on competition economics, on subjects ranging from the econometric analysis of cartels to geographic market delineation and exclusionary strategies. He is an affiliated professor at the Sciences Po Department of Economics and a member of the CESifo academic research network.
Philipp Tillmann
Vice PresidentDr. Tillmann is an economist who specializes in the application of microeconomics, econometrics, and statistical methods to litigation matters, investigations, and strategy assignments. He has served as an expert witness and has supported expert witnesses, managed case teams, and conducted analyses in merger, cartel, abuse of dominance, and other matters across a broad range of industries and jurisdictions, including in the EU, the US, Canada, the UK, and Australia.
He regularly assists clients across all phases of merger cases, from pre-announcement through investigation, litigation, and compliance monitoring. His clients include merging parties, the US Department of Justice (DOJ), the Federal Trade Commission (FTC), and state attorneys general.
Dr. Tillmann holds a Ph.D. in economics from the University of Chicago, and his research has appeared in outlets such as the Journal of Competition Law & Economics and the American Journal of Political Science. He has taught economics to undergraduate and graduate students at The University of Chicago, the University of Rochester, and the University of Cologne.