# m8487.docx

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EUROPEAN COMMISSION

Brussels, 7.7.2017

PUBLIC VERSION

C(2017) 4943 final

C(2017) 4943 final

To the notifying parties:

To the notifying parties:

Subject:Case M.8487 – Lone Star / Nani Holdings / Novo Banco 

  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

Subject

:

Case

M.8487 – Lone Star /

Nani

Holdings / Novo Banco

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

Dear Sir or Madam,

Dear Sir or Madam,

1.On 12 June 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which Nani Holdings, SGPS, S.A. (Portugal), a 100% subsidiary of LSF Nani Investments S.à.r.l. (Luxembourg), which is owned by several funds belonging to the Lone Star group ("Lone Star", United States) acquires, within the meaning of Article 3(1)(b) of the Merger Regulation, control of the whole of Novo Banco, S.A. ("Novo Banco", Portugal), by way of a purchase of shares. Novo Banco is currently controlled by the Portuguese Resolution Fund.
  3

1.

On

12 June 2017

,

the

European

Commission received notification of a proposed concentration pursuant to Article 4 of

the

Merger

Regulation by which

Nani

Holding

s, SGPS, S.A. (Portugal), a 100

% subsidiary of LSF

Nani

Investments

S.à.r.l

. (Luxembourg), which is owned by several funds belonging to the Lone Star group ("Lone Star", United States) acquires

, within the meaning of Article 3(1)(b) of the Merger Regulation, control of the whole of Novo Banco, S.A. ("Novo Banco", Portugal), by way of a purchase of shares. Novo Banco is currently controlled by the Portuguese Resolution Fund.

3

2.The business activities of the undertakings concerned are:

2.

The business activities of the undertakings concerned are:

-Novo Banco is a universal bank, with five main business segments: (i) domestic commercial banking; (ii) asset management; (iii) life insurance; (iv) financial markets and (v) international commercial banking.
  4

-

Novo Banco

is

a universal bank, with five main business segments: (

i

) domestic commercial banking; (ii) asset management; (iii) life insurance;

(iv) financial

markets and (v) international commercial banking.

4

-Lone Star is a private equity firm that invests globally in real estate, equity, credit, and other financial assets.

-

Lone Star is a private equity firm that invests globally in real estate, equity, cre

dit

,

and other financial assets.

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.
  5

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

.

5

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.

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

For the Commission

Signed

Signed

Johannes LAITENBERGER
  Director-General

(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.

OJ C 366, 14.12.2013, p. 5.