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, 3.12.2019  
C(2019 ) 8786 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9580 - PERMIRA / SMITH & WILLIAMSON  
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 8 November 2019 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which Tilney Group 
Limited ("Tilney" , UK ), ultimately controlled by  Permira Holdings Limited 
(“Permira”, Guernsey),  acquires within the meaning of Article  3(1)(b) of the Merger 
Regulation control of the whole of Smith & Williamson  Holdings Limited (“Smith & 
Williamson”, United Kingd om) by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 Permira is a private equity business engaged in the provision of investment 
management services to a number of investment funds. Permira controls a number 
of port folio companies which are active in a variety of sectors across a range of 
jurisdictions . 
 Tilney is an independent wealth management firm, with offices throughout the 
UK. It is primarily active in providing financial planning, investment 
management, and ad visory services to private clients.   
 Smith & Williamson  is an independent financial and professional services firm, 
with offices throughout the UK and Ireland. Smith & Williamson offers, 
professional, financial and investment management services to individuals and 
businesses.  
                                                 
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  Public ation in the Official Journal of the European Union No C 386, 14.11.2019 , p.30. 

2 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 Agreement . 
For the Commission  
 
 
(Signed)  
Cecilio MADERO VILLAREJO  
Acting Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .