Document ID: 32016M8069
Language: ENG

<table><tr><td><p><span><img/></span></p></td><td><p><span>EUROPEAN COMMISSION</span></p></td></tr></table>
Brussels, 20.7.2016
C(2016) 4869 final
To the notifying parties:
Dear Sirs,
Subject : Case M. 8069 - RCL HOLDINGS COOPERATIEF / SPRINGWATER CAPITAL / ROYAL HOLDINGS DE ESPAÑA Commission decision pursuant to Article 6(1 )( b) of Council Regulation (EC) No 139/2004 1 and Article 57 of the Agreement on the European Economic Area 2
1. On 27 June 2016, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertakings Springwater Capital (‘ Springwater ’, Switzerland) and RCL Holdings Coöperatief , U.A. (‘RCL Holdings Cooperatief ’, Netherlands), a subsidiary of Royal Caribbean Cruises LTD (‘RCL’, United States) acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of Royal Caribbean Holdings de España , S.L. (‘Royal Caribbean Holdings’), currently solely controlled by RCL, by way of purchase of shares . 3
2. The business activities of the undertakings concerned are:
- for Springwater : private equity firm with portfolio activities in a wide number of sectors. Springwater uses the brand ‘ Wamos Air’ for the provision of air passenger transport services .
- for RCL: global cruise vacation company which operates a number of global and regional cruise brands: ‘Royal Caribbean International’, ‘Celebrity Cruises’, ‘ Azamara Club Cruises’, ‘TUI Cruises’ and ‘ Skysea Cruises’. These brands are operated by RCL in Spain, Portugal, France and other EU countries besides other additional jurisdictions outside the EU, except ‘ Skysea Cruises’ which is mainly used in China.
- for Royal Caribbean Holdings de España : supply of ocean cruise vacations mainly in Spain, France and Portugal under the brand names Pullmantur and Croisières de Franc e.
3. After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5 ( c ) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 . 4
4. For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1 )( b) of the Merger Regulation and Article 57 of the EEA Agreement .
For the Commission
(Signed) Johannes LAITENBERGER Director - General
<note>
(1) OJ L 24, 29.1.2004, p. 1 ( the ' Merger Regulation ' ). With effect from 1 December 2009, the Treaty on the Functioning of the European Union ( ' TFEU ' ) has introduced certain changes, such as the replacement of ' Community ' by ' Union ' and ' common market ' by ' internal market ' . The terminology of the TFEU will be used throughout this decision.
(2) OJ L 1, 3.1.1994, p. 3 ( the ' EEA Agreement ' ).
(3) Publication in the Official Journal of the European Union No C 242 , 02.07.2016 , p. 51 .
(4) OJ C 366, 14.12.2013, p. 5 .
</note>