# m8443.docx

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EUROPEAN COMMISSION

Brussels, 17.5.2017

C(2017) 3503 final

PUBLIC VERSION

To the Notifying Parties

T

o the Notifying Parties

Subject:Case M.8443 – TPG / OAKTREE / IONA ENERGY

  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.8443

–

TPG / OAKTREE / IONA ENERGY

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 20 April 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by the undertakings TPG (USA) and Oaktree Capital Group Holdings GP (‘Oaktree’ of the USA) acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control over the whole of the undertaking Iona Energy Company (UK) Limited (‘Iona’ of the UK) by way of purchase of shares.
  3

1.

On

20 April 2017

,

the

European

Commission received notification of a proposed conc

entration pursuant to Article 4

of

the

Merger

Regulation by

the undertakings TPG (USA) and Oaktree Capital Group Holdings GP (‘Oaktree’ of the USA) acquire within the meaning of Article 3(1

)(

b) of the Merger Regulation joint control over the whole of the undertaking Iona Energy Company (UK) Limited (‘Iona’ of the UK) by way of purchase of shares

.

3

2.The business activities of the undertakings concerned are:

2.

The business activities of the undertakings concerned are:

-for TPG: global private investment firm that manages various funds that invest in a variety of companies through acquisitions and corporate restructuring

-

for TPG

: global private investment firm that manages various funds that invest in a variety of companies through acquisitions and corporate restructuring

-for Oaktree: global alternative and non-traditional investment management company specialising in credit strategies,

-

for Oaktree

: global alternative and non-traditional investment management company specialising in credit strategies,

-for Iona: owns and develops the Orlando and Kells oil fields in the North Sea.

-

for

Iona

: owns and develops the Orlando and

Kells

oil fields in the North Sea.

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

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.

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

For the

Commission

(Signed)

Johannes LAITENBERGER

Director

-

General

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.