Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: EC approves acquisitions of credit rating opinion firm, DIY franchisor, IT services provider, (Feb 17, 2015)
Organizations Mentioned:Apax Partners LLP | Apax Partners, LP | Brico Business Cooperation Srl | Carlyle Group L.P. | Carlyle Group, LP | DBRS Holdings Limited | Every ASA | OBI GmbH | TCG Financial Services II, L.P. | UNICOOP Firenze | Warburg Pincus LLC | Warburg Pincus, LLC
By Greg Hammond, J.D.
The European Commission has approved TCG Financial Services II, L.P.’s acquisition of DBRS Holdings Limited of Canada, a company that provides credit rating opinions concerning a wide array of companies, governments, and structured finance products across the globe. TCG belongs to U.S. companies Carlyle Group L.P., a global alternative asset manager, and Warburg Pincus LLC, a global private equity firm. It was determined that the proposed merger would not raise anticompetitive concerns due to the companies’ moderate combined market shares, the EC announced today.
In addition, the EC has approved OBI GmbH of Germany’s proposed acquisition of the remaining shares of Brico Business Cooperation Srl of Italy. OBI owns and operates a franchise system for do-it-yourself stores in Europe. Similarly, Brico, which is a joint venture of OBI and UNICOOP Firenze, provides franchise services for over 50 do-it-yourself stores in Italy. The EC determined that the proposed merger would not raise competition concerns, because OBI already has joint control over Brico, and OBI does not currently have business operations in Italy outside of the Brico business, the EC announced yesterday.
The proposed acquisition of Evry ASA by private equity funds controlled by Apax Partners LLP, a private equity firm, was also approved by the EC. Evry is an IT services provider located in Norway, and Apax sells security and enterprise application software. The EC determined that the overlap of activities and the vertical link between the two companies would not raise competition concerns, due to the companies’ low combined market shares.
Companies: TCG Financial Services II, L.P.; DBRS Holdings Limited; Carlyle Group L.P.; Warburg Pincus LLC; OBI GmbH; Brico Business Cooperation Srl; UNICOOP Firenze; Every ASA; Apax Partners LLP
News: AcquisitionsMergers Antitrust