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, 10.10.2022  
C(2022 ) 7314 final  
PUBLIC VERSION  
HgCapital LLP  
2 More London Riverside  
SEI 2AP  London  
United Kingdom  
 
Welsh Carson Anderson & Stowe  
599 Lexington Ave , Suite 1800  
NY, 10022  New York  
United States of America  
 
Warburg Pincus LLC  
450 Lexington Ave . 
NY, 10017 New York  
United States of America  
Subject : Case M.10845 – HG / WCAS / WARBURG PINCUS / NORSTELLA  
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 12 September 2022, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation by which HgCapital LLP 
(‘Hg’, United Kingdom), W elsh, Carson, Anderson & Stowe ( ‘WCAS ’,3  United 
States), and Warburg Pincus LLC (‘Warburg Pincus’, United States), will acquire 
within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control 
                                                 
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  WCAS refers to two investment advisers, WCAS Management Corporation and WCAS Management, 
L.P., which advise several investment partnerships and limited liability companies (funds) that engage 
in investment activities. WCAS is not itself a separate legal entity, but a name the foregoing two 
investment advisers use generally in doing business . 

2 over the whole of Mahalo Group Holdings LLC (‘Norstella ’, United States) and 
Caerus PIKCo S.à r.l. ( ‘Citeline ’, Luxembourg)  by way of purchase of shares .4 
2. The business activities of the undertakings concerned  are the following : 
 Hg is an investor in software and services busi nesses, with a focus on Europe 
and the United States,  
 WCAS is a private equity which focuses on investing in healthcare and 
technology , 
 Warburg Pincus is a private equity firm. Its portfolio companies are active in a 
variety of sectors, including consumer,  energy, financial services, healthcare, 
industrial and business services and technology, media and 
telecommunications,  
 Norstella is  currently  jointly controlled by Hg and WCAS. Norstella is a group 
of information and intelligence solutions providers for t he pharmaceutical and 
medtech industries, as well as for financial institutions and consulting firms, 
comprising Evaluate Ltd Managed Markets Insight & Technology LLC, 
Panalgo LLC, and The Dedham Group LLC. Norstella helps customers 
navigate the drug devel opment and commercialization life cycle , 
 Citeline (formerly Informa Pharma Intelligence) is currently controlled by 
Warburg Pincus. It is a provider of specialist market intelligence, data and 
software for clinical trials, drug development and regulatory c ompliance in the 
pharmaceutical, consulting, financial, biotech and medtech industries. It offers 
a suite of business intelligence tools and solutions to support its customers’ 
strategy from early -stage portfolio decisions to clinical research and 
developm ent and commercial planning and analysis . 
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 .5 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the noti fied 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)  
Olivier GUERSENT  
Director -General  
                                                 
4  Publication in the Official Journal of the European Union No C 364, 23.9.2022 , p.7. 
5  OJ C 366, 14.12.2013, p. 5 .