EUROPEAN COMMISSION  
DG Competition  
 
 
 
 Case M.10109 - CINVEN / BCI / COMPRE  
 
 
 
 
Only the English text is available and authentic.  
 
 
 
REGULATION (E C) No 139/2004  
MERGER PROCEDURE  
 
 
 
Article 6(1)(b) NON -OPPOSITION  
Date: 17/02/2021  
 
 
 
 
 
 
 
 
In electronic form on the EUR -Lex website under 
document number 32021M10109  

 
 
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,  17.2.2021  
C(2021 ) 1168 final  
PUBLIC VERSION  
Cinven Capital Management (SFF) 
General Partner Limited  
Level Four, Mill Court, La Charroterie   
GY1 1EJ - St Peter Port  
Guernsey  
 
British Columbia Investment 
Management Corporation  
750 Pandora Avenue  
V8W 0E4 - Victoria, BC  
Canada  
Subject : Case M.10109 - CINVEN / BCI / COMPRE  
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 22 January 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Cinven Capital 
Management (SFF) General Partner Limited (“Cinven SFF”, Guernsey)  and the 
British Columbia Investment Management Corporation (“BCI”, Canada) acquire 
within the meaning of Article  3(1)(b) and 3(4) of the Merger Regulation joint control 
of Cambridge Topco Limited and Cambridge Holdco Limited (together “Compre”, 
Malta).  T he concentration is accomplished by way of purchase of shares .3 
  
                                                 
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  Publication in the Official Journal of the European Union No C 32, 29.01.2021 , p. 15. 

 
2 2. The business activities of the undertakings concerned are:  
 for Cinven SFF: a private equity business engaged in the provision of 
investment management and investment advisory services to a n umber of 
investment funds. Cinven controls a number of portfolio companies which are 
active in a variety of sectors across a range of jurisdictions,  
 
 for BCI: an investment manager for British Columbia public sector clients in 
fixed income, public equities , private equity, infrastructure, renewable 
resources, real estate and commercial mortgages , 
 
 for Compre: an insurance and reinsurance company specialising in the 
consolidation of discontinued, “closed” non -life insurance portfolios from 
other non -life ins urance companies.  
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 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  OJ C 366, 14.12.2013, p. 5 .