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, 27.09.2019  
C(2019)  7096 final  
PUBLIC VERSION 
To the notifying parties  
Subject : Case M.9515-  TPG ASIA / GENTING HONG KONG / DREAM CRUISES  
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 September 2019, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings TPG Asia GenPar VII Advisors Inc. (“TPG Asia”, Cayman Islands)  and 
Genting Hong Kong Limited (“Genting HK”, Bermuda)  acquire within the meaning of 
Article 3(1)(b) and Article 3(4) of the Merger Regulation joint control of Dream 
Cruises Hol ding Limited (“Dream Cruises”, Bermuda), currently solely controlled by 
Genting HK.  The concentration is accomplished by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− TPG Asia: is a private investment firm that mana ges a family of funds that 
invest in a variety of companies through acquisitions. It is mainly active in the 
Asia Pacific region (including China, India, Southeast Asia, Japan, Korea, and 
Australia). It is part of TPG, which is a private investment firm ac tive 
worldwide,  
− Genting HK: is a worldwide active leisure, entertainment and hospitality 
company. It runs cruise and cruise -related operations under the brands of Star 
Cruises, Crystal Cruises and Dream Cruises. Genting HK also has cruise 
shipbuilding oper ations in Europe,  
− Dream Cruises: operates cruise services across the Asia Pacific region. It 
currently has three ships: Genting Dream, World Dream and Explorer Dream. 
                                                 
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 308, 12.09.2019 , p. 5. 

 
2 It is currently solely controlled by Genting HK and post -transaction, will be 
jointly controlled by Genting HK and TPG Asia.  
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(a) 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 applic ation of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission 
 
 
(Signed)  
Cecilio MADERO VILLAREJO  
Acting Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.