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 -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 10.11.2020  
C(2020 ) 7921 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9935  – ALTOR FUND MANAGER / STENA / GUNNEBO  
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 16 October 2020 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which Altor Fund 
Manager AB (‘Altor’, Sweden) , through Altor Fund V , and Stena Adactum AB 
(‘Stena’, Sweden) acquire within the meaning of Article 3(1)(b) of the Merger 
Regulation indirect joint control over the whole of the undertaking Gunneb o AB 
(publ) (‘Gunnebo’, Sweden)  by way of public bid announced on 28 September 2020.3 
2. The business activities of the undertakings concerned are:  
 for Altor: private equity firm which focuses, among others, on investments and 
divestments in the mid -market segment of the Nordic region as well as 
investments in the German speaking region (DACH), through its managed funds. 
Altor Fund V, managed by Altor, is part of the Altor group of private equity funds 
focused on investing in and developing medium sized companies , 
 for Stena: part of the Stena AB group, which is active worldwide in various areas, 
such as tanker and ferry operations, vessel charter and offshore drilling. Stena AB 
is one of three parent companies in the Stena Sphere, consisting also of Stena 
Sessan AB and Stena Metall AB, all establi shed in Sweden,  
 for Gunnebo: p rovides security products and services, including cash 
management, alarm and access control systems, entrance security, safes and 
vaults, as well as security -related consulting and services. It operates globally and 
                                                 
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 358, 26.10.2020 , p. 8-9. 

2 in more th an 25 countries around the world . Within the EEA, Gunnebo is mainly 
active in Denmark, France, Germany,  Hungary, Italy, Spain, Sweden, the 
Netherlands, the Cze ch Republic, Poland, and the UK.  
3. After examination of the notification, the European Commission h as 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 applicat ion of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p . 5.