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,  23.7.2021  
C(2021 )5638 final  
PUBLIC VERSION  
VC Capital Partners SICAV -FIS S.A.  
20 Avenue Monterey   
L-2163 Luxembourg  
Luxembourg  
 
Caisse de dépôt et placement du 
Québec  (CDPQ)  
Place Jean -Paul-Riopelle, 1000  
H2Z 2B3 Montréal   
Canada   
Subject : Case M. 10313  – CVC  / CDPQ / WAVS  
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 30 June 2021 , the European Commission received notification of a proposed 
concentr ation pursuant to Article 4 of the Merger  Regulation by which CVC Capital 
Partners SICAV -FIS S.A. (“CVC” , Luxembourg) and Caisse de Dépôt et Placement 
du Québec (“CDPQ” , Canada ) intend to acqui re, within the meaning of Article 3(1)(b) 
of the Merger Regulation , joint control of the whole of Vision 7 International Inc. 
(“Vision 7”, Canada), We Are Very Social Ltd. (“WAVS”, United Kingdom), Fuse 
Project LLC (“Fuse Project”, United States of America) and Metta Communications 
Ltd. (“Metta”, Hong Kong) (to gether the “Target”), ultimately owned by Blue Focus 
Intelligent Communications Group C. Ltd.3 (“BFICG”, China).  The concentration is 
accomplished by way of  purchase of shares .4 
                                                 
1    OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 D ecem ber 2009,  the Treaty on the  
Functioning of the European Union ( the ‘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  The entities constituting the Target are currently wholly owned by subsidiaries of BFICG as follows: 
Vision 7 is owned by Blue Valor Limited; WAVS and Metta are owned by Blue Focus International 
Limited; Fuse Project is owned by Blue Focus Communication Group of America, Inc.  
4     Publication in the Official Journal of t he European Union No C 266, 6.7.2021 , p. 13. 

 
2 2. The business activities of the undertakings concerned are:  
 for CVC: CVC and /or its subsidiaries manage  investment funds and platforms,  
 
 for CDPQ: long -term institutional investor that manages  funds primarily for 
public and para -public pension and insurance plans  in Québec.  It invests these 
funds globally in major financial markets, private equity, infrastructure and 
real estate,   
 
 for the Target : a group of entities active in the provision of marketing and 
communication services and media buying services.  In particular, WAVS is 
active in Europe as a provider of social media and brand  strategy services.  
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 treatm ent of 
certain concentrations under Council Regulation (EC) No 139/2004 .5 
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 intern al 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 Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
5  OJ C 366, 14.12.2013, p. 5 .