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, 21.12.2022  
C(2022) 10012 final  
PUBLIC VERSION  
Providence Equity Partners LLC  
50 Kennedy Plaza, 18th Floor, 
RI 02903 Providence  
United States of America  
 Five Arrows Principal Investments funds  
23 bis avenue de Messine   
75008 Paris  
France  
Subject : Case M.10979 - PROVIDENCE EQUITY PARTNERS / ROTHSCHILD & 
CO / A2MAC1  
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 29 November 2022, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation,  by which Rothschild & 
Co (“Rothschild”, France) and Providence Equity Partners, LLC (“Providence”, USA)  
will indirectly acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger 
Regulation joint control of Financière Hary SAS (together with its subsidiaries, 
“A2Mac1”, France), currently controlled by Rothschild via Five Arrows Principal 
Investments funds (“Five Arrows”, France).  The concen tration is accomplished by 
way of purchase of shares.3 
2. The business activities of the undertakings concerned are  the following:  
− Providence is a private equity firm specialising in investing in the media, communications, education, software and information services industries across North America and Europe , 
                                                 
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 through out this decision.  
2  OJ L 1, 3.1.1994, p. 3 ( the ‘EEA Agreement ’). 
3  Publication in the Official Jou rnal of the European Union No C 464, 06.12.2022, p. 14.  

2 − Rothschild is an investment bank and financial services company which offers 
services in the areas of financial advisory, private banking and asset 
management, and private equity and private debt. Five A rrows is the European 
corporate private equity business of Rothschild,  
− A2Mac1 is a B2B database company providing engineering and technical 
benchmarking services, mostly to the automotive industry.  
3. After examination of the notification, the European Commis sion 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 applicat ion 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.