Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: EC approves acquisition of NKBM by Apollo in banking sector, (Sep 1, 2015)
Organizations Mentioned:Apollo Management L.P. | Kuoni Travel Investments Ltd. | Nova Kreditna Banka Maribor | REWE-Zentralfinanz eG
By Linda O’Brien, J.D., LL.M.
The European Commission (EC) has cleared under the European Union (EU) merger regulation the acquisition of Nova Kreditna Banka Maribor (NKBM) of Slovenia by investment funds managed by affiliates of Apollo Management L.P. of the United States, the EC announced today.
NKBM provides banking, online payment, and real estate services, and manages funds and pensions in Slovenia. Apollo manages a number of investment funds. The Commission determined that the proposed acquisition would raise no competition concerns because of the companies' moderate combined market shares in the markets concerned. The transaction was examined under the simplified merger review procedure.
Kuoni – REWE ZF merger. The EC also has cleared under the EU merger regulation the acquisition of several subsidiaries of Kuoni Travel Investments Ltd. of Switzerland by REWE-Zentralfinanz eG (REWE ZF) of Germany. REWE ZF is part of REWE Group, a retailer also active in travel and tourism. REWE ZF provides tour operator and travel agency services, predominantly to customers in Germany and Austria. The businesses to be purchased are units of Kuoni Travel Investment's travel division: Kuoni Benelux, Kuoni Nordic, Kuoni UK and Kuoni Switzerland, including Kuoni Reisen AG. These companies offer tour operator and travel agency services mainly to customers in different countries within the European Economic Area, including Switzerland, U.K., Sweden, Norway, Finland, Denmark, the Netherlands, and Belgium.
In the markets where both businesses are active, the effects of the transaction are very limited, since the combined market share is low or the market increase brought by the transaction is very limited. Furthermore, in those markets there are several credible competitors. Therefore, the Commission concluded that the proposed acquisition would raise no competition concerns.
Companies: Nova Kreditna Banka Maribor; Apollo Management L.P.; Kuoni Travel Investments Ltd.; REWE-Zentralfinanz eG
News: AcquisitionsMergers Antitrust