Download Unicorn Signals App

Powered By EquityPandit
 Signals, Powered By  EquityPandit
BUSINESS

Spanish Antitrust Regulator CNMC Fined Amazon and Apple $218 Million for Restricting Competition

Picture Source: Internet

The National Markets and Competition Commission (CNMC) of Spain slapped a $218 million or €194 million fine on Amazon and Apple collectively for allegedly colluding to restrict competition around reselling and marketing Apple products on the e-commerce giant’s marketplace in the country.

According to the Spanish regulator, Amazon and Apple signed agreements in 2018 limiting free competition of smaller third-party retailers selling Apple goods through Amazon’s platform. 

CNMC oversees the Spanish markets for antitrust violations. It fined Amazon €50.5 million or $56.7 million, while Apple was penalised €143.6 million or $161 million.

The watchdog said that the investigated behaviours of the companies “unreasonably restricted” competition in the Apple products reselling segment on the Amazon website in Spain. The tech giants also limited thirst parties’ capacity to market Apple products on Amazon. 

Additionally, the regulator accused the companies of colluding to limit Amazon’s advertising spaces for competing Apple products and the ability to offer competing products to customers.

The regulator said that 90% of Apple resellers, who had been using the Amazon website in Spain before the Amazon-Apple distribution deal, were forced off Amazon’s platform.

Get Daily Prediction & Stocks Tips On Your Mobile