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, 23.9.2020  
C(2020)  6653 final  
PUBLIC VERSION 
To the notifying parties  
Subject : Case M.9902 – HPS / TEMASEK / CYPRESS CREEK HOLDINGS  
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 1 September 2020, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings HPS Investment Partners, LLC , (“HPS”, USA) and Temasek Holdings 
(Private) Limited (“Temasek”, Singapore),  acquir e within the meaning of 
Article  3(1)(b) of the Merger Regulation joint control over the whole of the 
undertaking Cypress Creek Holdings, LLC (“Cypress Creek Holdings”, USA ) by way 
of purchase of securities .3 
2. The business activ ities of the undertakings concerned are:  
− for HPS: HPS is an investment firm that manages various strategies across the 
capital structure that include syndicated leveraged loans and high yield bonds to 
privately negotiated senior secured debt and mezzanine investments, asset -based 
leasing and private equity,  
− for Temasek : Temasek  is an investment company ; Temasek’s portfolio covers a 
broad spectrum of industries: financial services;  telecommunications, media & 
technology; transportation & logistics; consumer;  real estate; energy & resources; 
life sciences and agribusiness , 
− for Cypress Creek Holdings: Cypress Creek Holdings is a utility -scale solar 
developer and long- term owner and operator of solar projects in the USA.  
                                                 
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 b e 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 299, 9.9.2020, p. 9. 

2 3. After examination of the notification, th e European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation and of 
paragraph 5( a) 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 
adopt ed 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  OJ C 366, 14.12.2013, p. 5.