Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: EC clears Advent’s acquisition of Southeast Europe banking network, (May 29, 2015)

By Edward L. Puzzo, J.D.

The European Commission has approved the proposed acquisition of the Southeast Europe banking network of Hypo Group Alpe Adria AG (HGAA) of Austria by American firm Advent International Corporation, with a minority stake by the European Bank for Reconstruction and Development, the Commission announced today. HGAA's Southeast Europe banking network provides standard banking services to retail, corporate, and public customers and is also active in the leasing business in Slovenia and Croatia. Advent is a private equity investor active in various sectors and countries, including financial services. The transaction is the result of Austria's commitment to sell HGAA's Southeast Europe banking network by June 30, 2015 in order to secure the Commission's approval of HGAA's resolution plan. The Commission concluded that the proposed acquisition would raise no competition concerns, given the minor overlaps between the companies' activities in the European Economic Area (EEA) (case number M.7551).

Orthopedic devices. Separately, the European Commission also approved the acquisition of joint control over UK-based Corin Group PLC (Corin) by Italian firms IDeA Capital Funds SGR S.p.A. (IDeA) and IP Investimenti e Partecipazioni S.r.l. (IP), and Luxembourg firm Hunt Capital S.A. (Hunt). Corin produces orthopedic devices and other ancillary medical systems. IDeA, IP and Hunt are all investment companies, involved in several industries. The Commission concluded that the proposed acquisition would raise no competition concerns, because the companies' activities do not overlap (case number M.7611).

Companies: Hypo Group Alpe Adria AG; Advent International Corporation; Corin Group PLC; IDeA Capital Funds SGR S.p.A.; IP Investimenti e Partecipazioni S.r.l.; Hunt Capital S.A.

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