Keystone’s State Aid and Subsidies Advisory team is uniquely placed to advise clients in Europe and the UK in State aid and subsidy control matters, leveraging expertise across economics, finance, business strategy, and regulation.
Led by the former CEO of the UK Competition Markets Authority (CMA), Andrea Coscelli, our team has significant experience in delivering complex subsidy support, drawing on competition insights from their experience at European regulators and in the private sector, advising companies, law firms, and governments.
Our practitioners bring experience across a wide range of sectors, including telecommunications, transport, energy, water, financial services, sports, manufacturing, pharmaceuticals, medical devices, consumer goods, real estate, software, semiconductors, and digital infrastructure.
Our offering in State aid and subsidy control brings together experienced competition economists and antitrust practitioners with deep financial expertise from our Financial Economics and Tax practice to assess the economic impact of different forms of subsidy – including, but not limited to grants, tax and fiscal advantages, and implicit guarantees. Our team provides integrated support including:
Our State Aid and Subsidies Advisory Team sits within the broader Keystone ecosystem and can leverage skills from a deep bench of expertise, including our network of affiliate industry experts to provide tailored advice grounded in business reality, econometricians and PhD economists to value hard-to-measure intangibles and assess incentives and counterfactuals, and skilled technologists experienced in data discovery through efficient identification, extraction, and validation of complex datasets.
We pair rigorous substantive advice with pragmatic case management to help clients navigate subsidy investigations from start to finish.
Keystone advised KKR in the EC's review of their acquisition of FiberCop's and TIM’s fixed-lines network businesses in Italy. This acquisition was unconditionally cleared.
