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, 14.7.2021  
C(2021 ) 5399 final  
PUBLIC VERSION  
SOFTBANK Investments Advisers 
(UK) Limited  
69 Grosvenor St.   
W1K 3JP - London  
United Kingdom  
Altor Fund Manager AB  
Jakobsgatan 6   
111 52 –Stockholm  
Sweden  
Serenity Holdings Pte. Ltd  
8 Tomlinson Road # 11 -01 HANA  
Singapore 247857  
Singapore  
Subject : Case M.10264 - SOFTBANK / ALTOR FUND MANAGER / SERENITY / 
IYUNO  
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 11 June 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 and following a re ferral pursuant to Article 4(5) of 
the Merger  Regulation by which SoftBank Group (“SoftBank”, Japan ), Altor Fund 
Manager AB (“Altor Fund Manager”, Swede n) and Serenity Holdings Pte. Ltd 
(“Serenity”, Singapore)  acquire within the meaning of Article 3(1)(b) and Article 3(4) 
of the Merger Regulation join t control over the whole of  Iyuno Sweden Holding I AB 
(“Iyuno”, Sweden) .3 
                                                 
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 241, 21.06.2021 , p.18. 

 
2 2. The business activities of the undertakings concerned are:  
 for SoftBank: SoftBank is the parent company of a global portfolio of subsidiaries 
and affiliates involved in advanced telecommunications, internet services, Internet 
of Things, robotics and clean energy technology providers,  
 for Altor Fund Manager: Altor Fund Manager is the fund manager of a group of 
private equity funds, including Altor Fund IV which is the Altor fund ha ving 
made the investment in Iyuno. Altor F und IV is a private equity fund  which 
focuses on investments in the mid -mark et segment of the Nordic region,  
 for Serenity: an investment holding company wholly owned by a physical person, 
established for the purpos e of owning and managing shares in Iyuno,  
 for Iyuno : a global entertainment technology an d media localization company. 
Iyuno  provides dubbing, subtitling and media engineering services in over 100 
languages to the media and entertainment industry. The comp any operates a 
network of recording studios worldwide, consisting of 67 fully owned local 
facilities, spanning across 34 countries in Europe, Asia and the Americas.  
3. After examination of the notification, the European Commission has concluded that 
the notif ied operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (b) 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 .