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,  19.2.2021  
C(2021 ) 1261 final  
PUBLIC VERSION  
AnaCap Financial Partners III, L.P.  
Ground Floor, Cambridge House  
Le Truchot   
GY1 1WD  – St Peter Port  
Guernsey  
 
Carrefour S.A.  
93 avenue de Paris   
91300 - Massy  
France  
Subject : Case M. 10064 - ANACAP / CARREFOUR / MARKET PAY  
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 27 January 2021 , the European Commi ssion received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which  AnaCap 
Financial Partners III, L.P (UK), controlled by AnaCap Group Holdings Limited 
(“AnaCap”, UK) and Carrefour S.A. (“Carrefour”, France) acq uire within the meaning 
of Article 3(1)(b) and Article 3(4) of the Merger Regulation joint control of Market 
Pay SAS (“Market Pay”, France) , currently controlled by Carrefour . The 
concentration is accomplished by way of purchase of shares.3 
2. The business activities of the undertakings concerned are:  
 for AnaCap : a private equity fund based in the UK and established in 2005. Since 
inception AnaCap has sponsored the raising of funds that make investments in 
business opportunities in the European financial ser vices sector.  AnaCap 
Financial Partners III, L.P is the third private equity fund raised by AnaCap,  
                                                 
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 ‘Communi ty’ 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 038, 03.02.2021,  p. 2. 

2  for Carrefour: a French -headquartered global group specializing in the retail 
business of food products and non -food products (e.g. gas station, t ravel agen cy, 
and retail bank),  
 for Market Pay: a payment solutions provider based in France and founded in 
2016 by Carrefour . 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merg er Regulation  and of 
paragraph s 5(a) and 5(c) o f 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 Europe an 
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)  
Olivier GUERSENT  
Director -General  
 
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .