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, 9.9.2022  
C(2022 ) 6610 final  
PUBLIC VERSION  
Permira Holdings Limited,  
PO Box 503, Trafalgar Court,  
Les Banques, St. Peter Port, GYl 6DJ  
Guernsey  
 
Hellman  & Friedman  LLC  
415 Mission Street, Suite 5700 ,  
San Francisco, CA 94105   
USA  
Subject : Case M.10848 – PERMIRA / H&F / ZENDESK  
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 17 August 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which  Permira 
Holdings Limited  (“Permira”, Guernsey) and Hellman & Friedman LLC  (“H&F”, 
U.S.A. ),  will acquire within the meaning of Article 3(1)(b)  of the Merger Regulation 
joint control over Zendesk, Inc. (“Zendesk”, U.S.A.)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned  are the fol lowing : 
 Permira is a private equity business engaged in the provision of investment 
management services to investment funds. Permira controls a number of portfolio 
companies which are active in a variety of sectors across a range of jurisdictions,  
 H&F is a private equity investment firm focussing on investing in business 
franchises and serving as a partner to management in select industries including 
                                                 
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 t hroughout 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 321, 25.08.2022 , p. 3. 

 
2 software & technology, financial services, healthcare, consumer & retail, and 
other business services , 
3. Zende sk is a software company  providing  software -as-a-service customer relationsh ip 
management ("CRM") software  designed to improve customer relationships.  
4. 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 
5. 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 .