CASE HUB ARCHIVED–this archived case hub reflects the position at the date of the decision of 11 December 2018; it is no longer maintained. See further, timeline. Case facts Outline European Commission merger investigation into the proposed acquisition of Gemalto by Thales (Case M.8797). The proposed transaction involves in particular a horizontal overlap in the market hardware security modules at a European and global level. Latest developments On 21 March 2018, the Commission conditionally approved the transaction, subject to commitments. In terms of commitments, Thales' general purpose hardware security modules business is to be divested. Parties Thales S.A. (Thales), based in France, is a global group active in aeronautics, space, ground transportation, defence and security. Gemalto N.V. (Gemalto), based in the Netherlands, is an international digital security company active in mobile platforms and services, mobile embedded software & products, smart cards, identification documents, government programmes, machine to machine communication (Internet of Things), and enterprise security. Background Under the proposed transaction,