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, 24.11.2020  
C(2020 ) 8401 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.  10012  – Hg / KKR  / Citation  
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 30 October 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which HgCapital, 
LLP (“Hg”, United Kingdom) and KKR & Co, Inc. (“KKR ”, United States of 
America) , acquire within the meaning of Article s 3(1)(b) and 3(4) of the Merger 
Regulation  joint control over the whole of  Rocket Topco Limited and its subsidiaries 
(“Citation”, United Kingdom ), currently solely controlled by  KKR , by way of 
purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for Hg: private equity company which manages investment funds that invest 
mainly in Europe. It has investment offices in London, Mu nich and New York 
and, through its subsidiaries, administers capital investments, offers advisory 
and other services for a variety of participation companies, such as private 
equity funds, pension funds and other investment companies. In addition, Hg’s 
activities include raising capital to invest in the European private equity 
market.  
 for KKR: global investment firm, which offers a broad range of alternative 
asset funds and other investment products to investors and provides capital 
markets services for th e firm, its portfolio companies and third parties.  
                                                 
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 377, 09.11.2020 , p.14. 

2  for Citation: provision of outsourced Compliance (HR/Employment Law, 
Health & Safety) and Quality (ISO certification, supplier verification) services 
to SMEs throughout the UK.  
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 no tified 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)  
Olivie r GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .