With the acquisition set to be completed on 6 June, the OFT has announced that it is considering whether "arrangements are in progress or in contemplation, which, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002".
Should the OFT determine that the deal constitutes a merger, it will also consider whether the deal could result in a substantial lessening of competition within the radio advertising market. It is seeking industry comments by 10 June.
It is unclear what conditions, if any, the OFT might look to impose on the deal. According to legal experts surveyed by Media Week in March, Global Radio's acquisition of GCap Media could force the combined group into making station disposals in the Midlands, potentially affecting brands including Heart, Galaxy and local GCap services.
Last week, GCap and Global announced that GCap chief executive Fru Hazlitt and the company's chairman Richard Eyre will step down on 6 June, when Global Radio's takeover of the company is due to be completed.
Global Radio chief executive Ashley Tabor and chairman, Charles Allen, will "temporarily step down" from their positions to take the equivalent roles at GCap Media as part of an agreement with the Office of Fair Trading.
The OFT wants the two groups to be "held separate" while a review into the deal is conducted.
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