Chile’s National Economic Prosecutor’s Office (FNE) has decided to move to a Phase 2 review of the proposed acquisition through which the US-based MCP group, controller of the Valle Nevado and La Parva ski resorts, seeks to acquire decisive influence over Andacor S.A., the owner of the El Colorado ski resort and the Farellones mountain park.
Following its initial assessment, the FNE concluded that the transaction could substantially lessen competition if cleared without conditions, or even if approved subject to the remedies proposed by the parties during Phase 1. The authority identified unilateral horizontal risks arising from the high level of market concentration that could result from the deal, potentially leading to price increases, lower service quality, or deterioration of other competitive parameters.
According to the FNE, the operation could give rise to a quasi-monopolisation of the local market for ski passes and related services, covering the Santiago Metropolitan Region and neighbouring areas. The authority also found that MCP and Andacor are close competitors in this market and that entry barriers may limit the ability of new or smaller operators to constrain the merged entity.
During Phase 1, the FNE assessed the efficiencies claimed by the parties, as well as an alleged failing firm defence, but concluded that neither had been sufficiently substantiated. It also determined that the proposed mitigation measures did not adequately or clearly address the preliminary competition concerns identified.
The Phase 2 review will allow the FNE up to 90 additional working days to gather further evidence and conduct a more in-depth competitive assessment. The investigation was formally opened on 28 October 2025 and takes into account information from a separate, ongoing probe into MCP’s prior, non-notified acquisition of La Parva.