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, 19.10.2020  
C(2020)  7273 final  
PUBLIC VERSION 
To the notifying parties  
Subject : Case M. 9957 – ADVENT INTERNATIONAL / OTTO / HERMES 
PARCELNET / HERMES GERMANY  
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 24 September  2020 , the European Commission received a notification of a 
proposed conc entration pursuant to Article 4 of the Merger  Regulation by which  
Advent International Corporation (United States, “Advent”)  intends to acquire within 
the meaning of Article 3(1)(b) of the  Merger Regulation sole control of the whole of 
Hermes Parcelnet Limited  (UK, “Hermes UK”), belonging to the Otto group, and 
Advent and Otto GmbH & Co KG (Germany, “Otto”) acquire within the meaning of 
Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Hermes Germany 
GmbH (Germany, “Hermes Germany”), belonging to the Otto group. The 
concentration is accomplished  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− for Advent : a private equity investment business , focused on the acquisition of 
equity stakes and the management of investment funds in various sectors, 
including business and financial services; industrial goods and services; retail 
operations, branded consumer goods, and leisure services; media, 
telecommunications, and information technology; and healthcare services and 
pharmaceuticals. Its portfolio companies have global activities, including in 
United States, Europe, Asia, and South America , 
                                                 
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 325, 02.10.2020 , p. 25-26. 

2 − for Otto: the holding company of various companies forming the Otto Group.  
Globally active in the area of retail and retail -related services , 
− for Hermes UK: operates multi -channel delivery and collection services (i.e. 
courier services) in the United Kingdom,  
− for Hermes Germany : operates  multi- channel delivery and collection services (i.e. 
courier services) in Germany . 
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 Agre ement . 
For the Commission 
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.