Santiago, January 13, 2026 — The Chilean authority has opened a Phase II investigation into MCP’s planned acquisition of decisive influence over Andacor, the owner of the El Colorado ski resort and the Farellones mountain park, citing concerns that the transaction could substantially reduce competition in local ski services.
MCP, which controls Valle Nevado and La Parva, notified the transaction seeking to gain control over Andacor. The authority said it could not clear the deal in Phase 1, either unconditionally or with the remedies proposed by the parties.
Concerns
The authority identified potential unilateral horizontal risks, warning that the deal could lead to higher prices, reduced quality, or deterioration in other competitive parameters. It said the transaction could result in a near-monopolisation of the local market for ski access tickets, potentially covering the Santiago Metropolitan Region and surrounding areas.
The authority also found the parties appear to be close competitors and that barriers to entry may exist in the relevant market.
Remedies and Defences Rejected in Phase I
During Phase I, the authority assessed claimed efficiencies and a failing firm defence raised by the parties, but said these could not be substantiated.
It also concluded that the proposed mitigation measures were not sufficiently comprehensive or clear to address the preliminary risks and therefore could not be considered effective at Phase I.
Next Steps and Related Probe
The authority said it will extend its review for up to 90 business days to gather additional information and deepen its assessment of competitive effects and potential countervailing factors.
The authority opened the merger review on October 28, 2025. It also noted it is continuing a separate ex officio investigation launched on June 26, 2024 into MCP’s acquisition of La Parva, which was not notified. The file from that probe was considered in the current review.
Third-Party Input
Interested third parties will have 20 business days to submit information after publication of the Phase 2 decision, which the authority said will occur in the coming days once confidentiality matters are resolved. A public version of the file will be made available upon request.
