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Thomas Masterman



Masterman Thomas
Thomas Masterman



Tom is Counsel in the London Antitrust Group. His practice covers all aspects of competition law across a variety of industries.

Tom has secured merger clearances for many clients, including Phase II and remedies cases before the European Commission and UK competition authorities. His experience includes advising 21st Century Fox on the EUMR and UK public interest clearances of its proposed acquisition of Sky; Tullett Prebon on the CMA clearance (with remedies) of its £1.6 billion acquisition of rival ICAP; Tesco Mobile as an interested third person and potential remedy taker in relation to the Phase II prohibition of the Three/O2 UK merger; and Thomson Corporation on the Phase II clearance (with remedies) of its acquisition of Reuters, including the subsequent General Court appeal. He is currently advising 21st Century Fox on its proposed US$52 billion acquisition by The Walt Disney Company.

On the behavioural side, Tom has extensive experience of representing companies before the European Commission in relation to global cartel investigations and coordinating multi-jurisdictional defence strategies. He has advised on a number of the largest and most complex cartel cases in recent years, including the FX spot trading, auto-parts, credit default swaps, gas insulated switchgear, and heat stabilisers investigations.

Tom is recognised by the Legal 500 directory as having ‘in-depth knowledge’ in his field and is listed in Who's Who Legal: Competition – Future Leaders.

‘Thomas Masterman "combines deep industry knowledge with a top-drawer intellect to solve client problems", say sources, particularly on high-profile mergers in the TMT space.’ WWL, 2018.

Other noteworthy experience includes advising:

  • Grünenthal on its acquisitions from Astra Zeneca of Nexium, Vimovo and Zomig®.
  • 21st Century Fox on its joint venture with Apollo to combine Endemol, Shine and CORE Media.
  • Tullett Prebon on the CMA clearance (with remedies) of its GBP1.6 bn acquisition of rival ICAP.
  • Tesco Mobile as an interested third party and potential remedy taker in relation to the EC Phase II prohibition of the Three/O2 UK merger.
  • Maersk as compliance counsel for all competition related aspects of the 2m vessel sharing arrangement.
  • Fox Networks Group on the investigation by the European Commission into alleged anti-competitive behaviour in the sports rights business.
  • Aviva on its GBP5.6 bn acquisitions of Friends Life.
  • Chemtura as immunity recipient on the EC heat stabilisers cartel investigation.
  • Macquarie Energy Leasing on its smart meter financing arrangements with British Gas and other energy suppliers.
  • News UK on the competition and regulatory matters relating to its GBP 220.3 million acquisition of the Wireless Group.
  • Hitachi on its acquisition of JR Automation Technologies and Hitachi Automotives Systems, Ltd on its proposed acquisition of Chassis Brakes International. 

News & insights

Antitrust in focus

Publications: 07 SEPTEMBER 2020

Antitrust in focus - August 2020

This newsletter is our take on the antitrust developments we think are most interesting to your business.

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Key regulatory topics

Publications: 02 JULY 2020

CMA calls for new UK regulatory regime for online platforms to address market study concerns

On 1 July the UK Competition and Markets Authority (CMA) released the final report in its year-long market study into online platforms and digital advertising, finding a number of concerns over the…

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Allen & Overy LLP
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Admitted as solicitor, England and Wales, 2006


BA, European Legal Studies, Durham University

Erasmus Programme, Katholieke Universiteit Leuven