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, 14.9.2022  
C(2022 ) 6690 final  
PUBLIC VERSION  
CVC Capital Partners SICAV -FIS S.A.  
111 Strand   
WC23 0AG London  
United Kingdom  
 
Platinum Ivy  B 2018 RSC Limited  
Level 26, Al Khatem Tower  
Abu Dhabi Global Market Square  
Al Maryah Island  
United Arab Emirates - Abu Dhabi  
Subject : Case M. 10851  – CVC / PLATINUM IVY / TMF GROUP  
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 19 August 2022 , the European Commission received notification of a proposed 
concen tration pursuant to Article 4 of the Merger Regulation , by which  CVC  Capital 
Partners SICAV -FIS S.A. (“CVC”, Luxembourg ) and Platinum Ivy B 2018 RSC 
Limited  (“Platinum  Ivy”, United Arab Emirates ), belonging to the Abu Dhabi 
Investment Authority (“ADIA”, United Arab Emirates)  acquire  within the meaning of 
Article s 3(1)(b ) and 3(4) of  the Merger Regulation  joint control of TMF Sapphire 
Topco B.V.  (the Netherlands) and its subsidiaries (“TMF Group”), previously solely 
controlled by CVC. The transaction is ac complished  by way of purchase of shares .3 
2. The business activities of the undertakings concerned  are the following : 
 CVC and its subsidiaries manage investment funds and platforms. CVC funds 
hold interests in a number of companies in various industries inclu ding chemicals, 
                                                 
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 througho ut 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 325, 29.8.2022 , p. 4. 

2 utilities, manufacturing, retailing and distribution, primarily in Europe, the US 
and the Asia -Pacific region , 
 Platinum Ivy makes investments into the private equities asset class across 
various geographies, including the European Union. Platinum Ivy is indirectly a 
wholly owned subsidiary of ADIA . ADIA is a public institution established as an 
independent investment institutio n by the Government of the Emirate of Abu 
Dhabi. ADIA manages a global investment portfolio across more than two dozen 
asset classes and sub -categories,  
 TMF Group primarily  provides locally -delivered outsourced business and 
compliance services (including c orporate secretarial, tax & accounting, legal & 
administration, and human resources & payroll) to multi -national corporates, 
financial institutions, investment funds and high -net worth individuals .  
3. After examination of the notification, the European Commi ssion 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 .