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, 17.11.2021  
C(2021) 8446 final  
PUBLIC VERSION 
Warburg Pincus LLC 450 Lexington Avenue  
NY10017 New York  
United States of America  
 
Apax Partners LLP  
33 Jermyn Street  
SW1Y 6DN London  
United Kingdom  
Subject : Case M. 10495 — WP / AP / T -MOBILE NETHERLANDS  
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 October 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Warburg 
Pincus LLC (“WP”, United States of America ) and Apax Partners LLP (“AP”, United 
Kingdom ) acquire within the meaning of Article 3(1)(b) of the Merger Regulation 
joint control of the whole of T -Mobile Netherlands Holding B.V. (“T -Mobile 
Netherlands”, The Netherlands), currently solely controlled by Deutsche Telekom 
AG, by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− for WP: global private equity firm headquartered in New York. 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 , 
                                                 
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 introduc ed 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 439, 29.10.2021, p. 9.  

2 − for AP: provision of investment advisory services to private equity funds 
investing in a range of industry sectors, such as technology and 
telecommunications, healthcare, financial and industrial services and retai l, 
consumer and leisure , 
− for T-Mobile Netherlands: the provision of fixed and mobile telecommunications 
services to private and business customers, as well as wholesale access services in 
the Netherlands . 
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(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)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.