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, 16.9.2021  
C(2021) 6832 final  
PUBLIC VERSION 
Advent International Corporation Prudential Tower, 800 Boylston Street, 
Suite 3300  
MA 02199 Boston  
United States of America  
 Eurazeo SE  
1, rue Georges Berger  
75017 Paris  
France  
Subject : Case M. 10368 – ADVENT / EURAZEO / HOIST  
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 24 August 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Advent 
International Corporation (“Advent ”, USA) and  Eurazeo SE (“ Eurazeo”, France)  
acquire within the meaning of Articles  3(1)(b) and 3(4)  of the Merger Regulation 
joint control over the whole of the undertaking Hoist Group Holding Intressenter AB 
(“Hoist ”, Sweden) by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− For Advent : Advent  is a private equi ty investor focus ing on: (i) the acquisition of 
equity stakes (both controlling and non-controlling) in companies where it 
believes that an injection of capital would improve the company’s future 
prospects for growth; and (ii) the management of investment funds. As a private 
equity investor, Advent has holdings in various sectors, including industrial, 
                                                 
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 351, 01.09.2021, p. 26.  

2 retail, media, communications, information technology, internet, healthcare and 
pharmaceuticals ; 
− for Eurazeo: Eurazeo is a listed investment company with a portfolio of several 
billions of euros in diversified assets. Its purpose is to detect, accelerate and enhance the potential transformation of companies of all sizes in which it invests.  
It has three main activities:  private equit y, private debt and real assets; and  
− for Hoist: Hoist is a hospitality partner for hotels and public  operations which 
provides high- speed internet access sol utions, conference services, property 
management systems  and back-office software as well as other guest facing 
amenities . 
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 conce ntrations 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 t he 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.