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,  22.7.2020  
C(2020 ) 5126 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9880 - PERMIRA / WARBURG / TILNEY / SMITH & 
WILLIAMSON  
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 26 June 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Permira Holdings Limited ("Permira", Guernsey) and Warburg Pincus 
LLC ("Warburg Pincus", USA)  acquire within the meaning of Articles 3(1)(b) and 
3(4) of the Merger Regulation joint control over the whole of Smith & Williamson 
Holdings Limi ted (“Smith & Williamson”, United Kingdom) and Tilney Group 
Limited ("Tilney", United Kingdom) (jointly referred to as “the JV”) . The 
concentration is accomplished by way of purchase of shares.3 
2. The business activities of the undertakings concerned are:  
 Permira is a private equity business engaged in the provision of investment 
management services to a number of investment funds;  
 Warburg Pincus is a global private equity firm. Warburg Pincus' portfolio 
companies are active in a variety of sectors, including energy, financial 
services, healthcare, industrial and business services, technology, media and 
telecommunications;  
 
 For the JV: Tilney is an independent wealth management firm headquartered 
in London, with offices throughout the UK. It is primarily active  in providing 
financial planning, investment management, and advis ory services to private 
                                                 
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 223, 07.07.2020 , p. 18. 

2 clients;  Smith & Williamson is an independent financial and professional 
services firm headquartered in London, with offices throughout the UK and 
Ireland. Smith & Wi lliamson offers, professional, financial and investment 
management services to individuals and businesses.  
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 
Commissio n 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 .