Commission européenne, DG COMP MERGER REGISTRY, 1049 Bru xelles, 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,  30.8.2022  
C(2022 ) 6287 final  
PUBLIC VERSION  
Astorg Asset Management S.à.r.l. ,  
2 rue Albert  Borschette,  
L1246,  Luxembourg  
Subject : Case M.10865 - ASTORG / IPCOM  
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 4 August  2022, the Commission received notification of a proposed 
concentration pursuant to Article 4 of Counc il Regulation (EC) No 139/2004 
(Merger Regulation) by which Astorg VIII SCSpl (‘Astorg Fund VIII’ , 
Luxembourg ), which is managed by Astorg Asset Manage ment S.à.r.l. (‘AAM’ , 
Luxembourg ), which in turn is controlled by Astorg Group S.á.r.l. (‘Astorg Group’, 
Luxembourg)  (Astorg Group together with Astorg Fund VIII and other f unds 
managed by AAM, ‘Astorg’) , intends to aquire,  within the meaning of Article 
3(1)( b) of the Merger Regulation, sole control of the whole of Isolstar Holding 
(‘IPCOM’, Belgium).  The concentration is to be  accomplished by way of  purchase 
of shares3.  
2. The business activities of the undertakings concerned are the following:  
—  Astorg Fund  VIII is part of Astorg, which is an independent European private 
equity firm. It also has offices in London, Paris, Milan, Frankfurt, and New 
York. The funds belonging to the Astorg Group have invested  in a broad 
range of industries,  
 — IPCOM is a Europea n industrial player, headquartered in Belgium, 
specialized in insulation solutions, serving a wide range of industries e.g. 
                                                 
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 term inology 
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 309, 16.8.2022 , p. 6. 

2 construction, shipbuilding, process industry, energy, petrochemical, 
automotive, domestic appliances, etc.  
3. After examination of the notification, the European Commission has concluded that 
the proposed concentrati on 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 Coun cil 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 proposed concentration  and to declare it 
compatible with the internal market and with the EEA Agreeme nt. 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 .