Leonidas Theodosiou

Leo is a partner in Morgan Lewis’ “Highly Commended” competition team in London (The Lawyer Awards, 2021, 2022). He advises on all aspects of UK and EU competition law and competition litigation.

Leo is recommended by The Legal 500 UK for both EU and Competition and Competition Litigation. In relation to competition litigation, Leo is “noted for his extensive international capabilities” and praised for being “extremely skilled and responsive, and [for] bring[ing] a real depth of experience in this complex and challenging area.” In relation to transactional matters, clients say he offers “excellent support and is always on hand during a transaction to offer top class insights which allow for clear and fully informed decision making.”

Prior to joining Morgan Lewis, Leo spent several years as an antitrust associate with a Magic Circle law firm, resident in Brussels. In 2018, Leo was seconded to Tata Steel—one of the world’s largest steelmakers—where he served as the organization’s in-house counsel dedicated to antitrust.

Leo speaks regularly at seminars and conferences and contributes frequently to leading academic and professional publications; one of his recent articles on EU state aid control was nominated as best business article at the 2020 Concurrences Antitrust Writing Awards. He is often quoted by the Global Competition Review and other leading specialist publications on current competition law issues.

In 2021, Leo was featured in the Festival of Talent edition of The Lawyer for his contribution in securing Sainsbury’s victory in the UK Supreme Court in its interchange fee litigation against Visa. He is a member of the Morgan Lewis team which was awarded Behavioural Matter of the Year—Europe, Challenges to CMA Search Warrants by Global Competition Review (2018).

Leo holds post-graduate degrees in law from Harvard Law School and the University of Cambridge (Trinity Hall). He has received significant awards and fellowships in recognition of his research and academic achievements, including a Fulbright Fellowship by the US Department of State, and was selected to deliver the 2013 Commencement Speech at Harvard Law School.

Leo is the incoming Vice Chair of the American Bar Association’s Privacy and Information Security Committee. He speaks and writes frequently about data protection issues, in particular in the context of M&A transactions.

Competition Litigation

• Sainsbury’s Supermarkets in relation to its claim against Visa for competition damages arising out of Visa’s UK multilateral interchange fees
• Focus Pharma on its appeal in the Competition Appeal Tribunal (CAT) against the CMA’s infringement decision alleging that it participated in a market sharing agreement in relation to anti-nausea drug Prochlorperazine
• Mercury Pharma on its appeal in the CAT against the CMA’s infringement decision alleging that it abused its market dominance by charging unfair and excessive prices in relation to thyroid drug Liothyronine
• Numerous merchants in the retail, transport, and hospitality industries in relation to their claims for competition damages against Visa and Mastercard arising out of UK and EEA multilateral interchange fees imposed by Visa and Mastercard respectively
• AMCo on its appeal in the CAT against the CMA’s infringement decision alleging that it was party to a market exclusion agreement in relation to adrenal insufficiency drug Hydrocortisone
• A leading operator of games of chance in a number of state aid related proceedings before the General Court and the Court of Justice of the European Union (including in T-416/13, Stanleybet v. Commission; T-57/13 and T-58/13, Casino Loutraki, others v. Commission; and subsequent appellate proceedings in C-131/15)
• Concordia in connection with challenges to CMA Search Warrants at the High Court and the Court of Appeal

Merger & FDI Control

• One of the world’s largest asset managers on the merger and FDI control aspects of numerous contemplated or completed investments in the real estate, banking, retail, pharma, automotive, and other sectors
• Yandex on the $3.725 billion combination of the ridesharing businesses with that of Uber in various countries
• MSP Sports Capital on its acquisition of a stake in McLaren Racing
• Yandex on its $1 billion acquisition of various interests held by Uber in their formerly joint FoodTech, Delivery and Self-Driving businesses
• Advanz Pharma on various transactions including its acquisition of (i) a portfolio of antiepileptic medicines from Eisai; and (ii) a portfolio of alprostadil products from UCB
• Tata Steel on merger control aspects of various transactions
• Abbott Laboratories on its $2.9 billion acquisition of CFR Pharmaceuticals
• Pfizer on global merger control aspects of various multibillion dollar transactions
• The Carlyle Group on the acquisition of a 36.8% stake from General Electric in Hong Kong listed satellite operator AsiaSat for up to $483 million
• Citigroup in relation to a Phase II merger control investigation into the sale of Citigroup’s retail network in Greece to Alpha Bank
• Hellenic Petroleum and the Greek Privatization Agency in relation to the European Commission’s Phase II investigation into the proposed acquisition of the Greek Gas Transmission System Operator DESFA by SOCAR
• A major games of chance operator in relation to a Phase II merger control investigation into the acquisition of exclusive rights to operate horse-racing betting
• A major investment management company on the acquisition of stakes in a number of Europe’s leading games of chance operators (including Casinos Austria and the Czech lottery company Sazka)

Antitrust Investigations

• AMCo on its defence against a Statement of Objections (SO) and a Supplementary Statement of Objections (SSO) by the CMA regarding an alleged pay-for-delay arrangement with respect to adrenal insufficiency drug Hydrocortisone
• Mercury Pharma on its defence against the CMA’s SO and SSO and Supplementary SSO in relation to alleged unfair and excessive pricing of thyroid drug Liothyronine
• Focus Pharma on its defence against the CMA’s SO in relation to an alleged market exclusion arrangement in respect of anti-nausea drug Prochlorperazine
• Advanz Pharma on its defence against the CMA’s SO in relation to an alleged market sharing arrangement in respect of antibiotic Nitrofurantoin
• A global manufacturing corporation on (i) its internal investigation of suspected antitrust violations; (ii) its application for immunity or leniency to antitrust enforcement agencies; and (iii) designing and implementing its organisation-wide compliance programme
• A global electronics corporation in a major cartel investigation involving immunity applications in multiple jurisdictions in respect of various electronic components

State Aid Control

• A Member State’s privatization agency on state aid control aspects of a number of landmark privatizations, including (i) the extension of the concession for the operation of the country’s largest airport for €1.1 billion; and (ii) the contemplated divestment of the majority of shares in the country’s natural gas transmission incumbent
• Successfully defended Citadele Bank on an in-depth investigation launched by the European Commission concerning allegedly illegal state aid
• An international conglomerate on two state aid investigations into allegedly unlawful infrastructure aid
• A major games of chance operator in relation to multiple state aid investigations
• Spanish, Dutch, and Greek banks which benefitted from state aid on negotiating, implementing and/or amending their restructuring plans in line with EU state aid control rules