Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,  BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERG ER-REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels,  12.02.2021 
C(2021)1062 final  
PUBLIC VERSION 
CVC Capital Partners SICAV- FIS S.A.  
20 Avenue Monterey  
L-2163 -  Luxembourg  
Luxembourg 
Subject : Case M.10112 – CVC / RIVERSTONE EUROPE 
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 21 January 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertaking  CVC Capital Partners SICAV- FIS S.A. (‘CVC’, Luxembourg)  acquires  
within the meaning of Article 3(1)(b ) of the Merger Regula tion control over the whole 
of the undertaking RiverStone Barbados Limited (‘Riverstone Europe’, Barbados)  by 
way of purchase of shares.3 
2. The business activities of the undertakings concerned are:  
− for CVC: CVC and/or its subsidiaries manages investment including private 
equity funds and platforms,  
− for Riverstone Europe: Riverstone Europe is active int the management of run- off 
insurance4 businesses and portfolios.  
                                                 
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 30, 27.01.2021 , p. 7. 
4   The r un-off model consists in handling the formalities for the conclusion of policies, the administration 
of claims, and the provision of services to pools or companies that do not write new business but whose 
insurance policies have not yet all expired . The relevant insurance policies are usually closed to new 
policyholders and cannot be renewed or varied. Such services  can be provided by a company  when a 
business closes or is sold or the principal retires and it only covers liability for work done prior to its 
stipulation.  

2 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 the Merger Regulation.5 
4. For the reas ons 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 Artic le 6(1)(b) of the Merger  Regulation and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
5  OJ C 366, 14.12.2013, p. 5.