A trainee's role in...

During her second seat in Competition, Anna Dickmann-Peña worked on advising Vodafone Group Plc on the competition and national security aspects of the joint venture between Vodafone UK and Three UK. 

At what stage did you become involved in the deal?

I became involved in September 2024, in the second seat of my training contract. My supervisor was the Senior Counsel on the project, so my work was focused on multiple remedies workstreams he was leading. This work consisted of finding ways to address any potential competition concerns arising from the merger and designing remedies that the Competition and Markets Authority (CMA) would agree would mean the merger would not result in a substantial lessening of competition or harm consumer interests. Joining the team a week before the Provisional Findings (essentially the CMA's draft decision allowing for public consultation) were released meant that as trainees, we were immediately involved in one of the busiest and most exciting points in the project timeline. 

What did you find most interesting about the transaction?

This transaction was unlike one I had experienced before in terms of scale and strategy. Being part of a deal that will shape the UK telecoms landscape for years to come and getting an insight into the decision-making processes that fed into every legal decision made, was fascinating. 

How many lawyers worked on the deal and how was the responsibility allocated?

The project was a big one and in the Competition team alone, there were over 10 lawyers working on the deal, including partners, senior counsel, associates and trainees. The matter was divided into numerous workstreams, with trainees crossing multiple areas and getting involved wherever they could, associates taking responsibility for specific workstreams allocated to them, and partners and senior counsel providing key strategic steers. 

I had exposure to a varied and interesting range of work...Drafting confidentiality undertakings, taking meeting notes, discussing submission framing, and helping to co-ordinate a mock response hearing allowing the parties to adequately prepare for their official hearing with the CMA, were all tasks I was involved in and meant that the trainees had a dynamic role in the deal.

How did you help get the deal over the line?

In the night leading up to the Final Report being published (and likewise for the Provisional Findings), I was part of the Competition team that stayed up waiting for the CMA to release the documents to us, so that we could engage in confidentiality checks ensuring no privileged and sensitive information impacting the parties was divulged. The CMA gave us strict deadlines to complete these processes before their findings were publicly released, meaning the co-ordination, teamwork and efficiency were crucial in getting the documents back in time. 

The remedies workstreams were conducted over more extended timelines but were vital in getting the deal over the line, as formulating and negotiating remedies the CMA would deem to be acceptable in rectifying any potential competition concerns found, quickly became one of the key focuses of the project. I assisted in this process by helping draft an initial skeleton for the submissions, conducting research on case law, CMA guidelines and industry standards to bolster our advocacy and helping organise a mock hearing, allowing the parties to adequately prepare for their official hearing with the CMA. 

What kind of work were you doing? 

I had exposure to a varied and interesting range of work spanning drafting, research and transaction management. Drafting confidentiality undertakings, participating in the confidentiality process, taking meeting notes, discussing submission framing, and helping to co-ordinate a mock hearing allowing the parties to adequately prepare for their official hearing with the CMA, were all tasks I was involved in, and meant that the trainees had a dynamic role in the deal. 

How did you feel when the final report was released?

When the final report was released clearing the merger subject to the remedies proposed, it was a great moment for the team. A lot of hard work, beginning many years before I joined the group, had led up to this moment and I felt lucky to have been involved at such a crucial stage. It was great to see the team's effort pay off and there was a strong sense of shared achievement. The trainees along with the rest of the team were invited to a celebration meal hosted by Vodafone which included the lawyers and the economists, and it was great to join the festivities. Vodafone even made us customised hoodies to celebrate the deal!

What was your favourite moment? 

My favourite moment was working together with the wider team on the confidentiality process. Although the process was high intensity, it was here that the team built a real sense of comradery. Getting to know the individuals and their passions from a love of Latin dance, to a background in acting, to expertise in tropical sharks, the team were what made the project especially memorable for me!