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, 24.11.2021  
C(2021)  8650 final  
PUBLIC VERSION 
Silver Lake Group, L.L.C.  
2775 Sand Hill Road, Suite 100 
CA 94025 – Menlo Park  United States of America  
 
CVC Capital Partners SICAV -FIS SA  
20 Avenue Monterey  
2163 – Luxembourg 
Luxembourg 
 Sphinx Investment Pte Ltd  
York House, 45 Seymour Street   
W1H 7LX – London  
United Kingdom  
Subject : Case M. 10492 – SILVER LAKE / CVC / SPHINX / RAC JV  
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 28 October 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Silver Lake 
Group, L.L.C. ( “Silver Lake”, USA) , CVC Capital Partners SICAV -FIS SAA  
(“CVC”, Luxembourg)  and Sphinx Investment Pte Ltd  (“Sphinx”, Singapore)  acquire  
within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control 
of RAC Group (Holdings) Limited  (“RAC JV”, UK)  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 451, 8.11.2021, p. 6. 

2 2. The business activities of the undertakings concerned are:  
− for Silver Lake:  a global investment firm focused on technology, technology -
enabled and related growth industries, 
− for CVC: provides advice to and management of investment funds with interests 
in companies active in various industries around the world, primarily in Europe, 
the United States and the Asia -Pacific region,  
− for Sphinx: a nominated investment entity of GIC Special Investments Pte. LTD (“GICSI”).  The primary business of GICSI is the management of a diversified 
global portfolio of investments in private equity, venture capital and infrastructure funds, as well as direct investments in private companies. GICSI’s portfolio includes investments in the United States, Asia, the European Economic Area and 
the United Kingdom,  
− for RAC JV: provides breakdown and other motor -related services in the United 
Kingdom and Ireland.  
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(a) and 5 (b) 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)  
Olivie r GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.