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,  8.4.2020  
C(2020 ) 2333 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9675  – APOLLO CAPITAL MANAGEMENT / LOPESAN 
GROUP / IFA FARO HOTEL / IFA BUENAVENTURA HOTEL  
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 6 March 2020 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Apollo Capital Management L.P. (“Apollo”, USA) and Invertur Helsan, 
S.L.U. (“Lopesan”, Spain), ultimately controlling the Lopesan Group, acquire within 
the meaning of Articl e 3(1)(b) and 3(4) of the Merger Regulation joint control over 
the whole of the undertaking Hotel Faro, a Lopesan Collection Hotel (“IFA Faro 
Hotel”) and Abora Buenaventura By Lopesan Hotels (“IFA Buenaventura Hotel”) 
(together “the Target Hotels”, Gran Ca naria, Spain)  by way of purchase of shares  and 
a hotel management agreement .3 
2. The business activities of the undertakings concerned are:  
 for Apollo: investment in companies involved in various businesses throughout 
the world, inter alia, companies in the c hemical, hospital, security, insurance, 
financial services, and real estate businesses,  
 for Lopesan Group: Spanish conglomerate based in Gran Canaria that owns 
companies in the construction, tourism, real estate development, leisure and 
agriculture sectors. It owns and manages 15 hotels distributed in Gran Canaria, 
Fuerteventura, Germany, Austria, and the Dominican Republic. Lopesan Group 
also manages six third -party -owned hotels in Gran Canaria,  
                                                 
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 th is 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 86, 16.03.2020 , p. 11. 

2  for the Target Hotels: four and five star hotels offer ing bedrooms, as well as 
restaurant, bar and conference facilities in San Bartho lomé de Tirajana in Gran 
Canaria, Spain.  
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 .