Noticias

The Chilean Competition Authority (FNE) decided to extend the review of the notified concentration operation through which the MCP Group – controller of Valle Nevado and La Parva – seeks to acquire control over Andacor S.A., owner of El Colorado and Farellones, after concluding that the transaction could substantially lessen competition if cleared outright, or even subject to the proposed mitigation measures submitted by the parties in Phase I.

At this initial stage of the investigation and considering additional information gathered in the context of another investigation related to MCP’s acquisition of La Parva, the FNE identified unilateral horizontal risks. These risks could materialize in the form of price increases, reduced quality, and/or the deterioration of other competitive parameters, stemming from a potential quasi-monopolization of the local market for lift tickets for ski services, covering an area that includes the Metropolitan Region and neighbouring regions. The FNE also concluded that the parties would be close competitors in this market, and that barriers to entry may exist.

For these reasons, as provided for by law, the FNE will extend its analysis for up to 90 business days to gather additional information to deepen its assessment of the potential anticompetitive risks the transaction may generate in the market, as well as any potential countervailing factors.

During the first phase of the investigation, the FNE assessed countervailing factors based on the efficiencies claimed by the parties and the failing firm defense invoked by them, but these arguments could not be proved at this stage of the proceeding.

Likewise, with respect to the mitigation measures proposed by the parties in this first phase, it was determined that they would not address, in a sufficiently comprehensive and clear manner, the preliminary risks identified, to be considered effective and suitable in Phase I.

The FNE opened the investigation into this transaction on October 28, 2025, to analyse the effects it could have on competition in Chile’s ski industry.

Previously, on June 26, 2024, the FNE opened another ex officio investigation following MCP’s acquisition of the La Parva ski resort, which was not notified. That investigation is currently ongoing, and its case file was brought into the record in this new investigation.

The parties

The MCP Group is a U.S.-based ski resort operator that entered the Chilean market by acquiring control of Valle Nevado in 2023 and subsequently acquired La Parva in 2024.

Andacor is a Chilean ski resort operator, owner of the El Colorado ski resort and the Farellones Mountain Park, and operator of the concessions for the Pillán and Volcán Osorno ski resorts.

Any third party with an interest in this transaction – including customers, suppliers, competitors, and public entities, among others – may submit information within 20 business days following the publication of the decision extending the investigation. This publication will take place in the coming days, once confidentiality matters with the parties have been resolved.

For these purposes, a public version of the case file will be made available upon request by emailing Gabriela Silva (gsilva@fne.gob.cl) or Diego Tagle (dtagle@fne.gob.cl), or by calling (+56 2) 2753 5612.