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 -MERG ER-REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 9.12.2021  
C(2021) 9387 final  
PUBLIC VERSION 
Advent International Corporation Prudential Tower, 
800 Boylston Street, Suite 3300  
MA 02199-8069 Boston  
United States of America  
 Eurazeo SE  
1, rue Georges Berger  
F-75017 Paris  
France  
Subject : Case M. 10528 – ADVENT / EURAZEO / PROTEL  
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 12 November 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 Article 3(1)(b)  and Article 3(4) of the Merger 
Regulation joint control over the whole of the undertaking  Protel hotelsoftware  GmbH  
(“Protel ”, Germany) by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− For Advent : Advent  is a private equity 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 467, 19.11.2021, p. 10.  

2 retail, media, communications, information technology, internet, healthcare and 
pharmaceuticals ; 
− for Eurazeo: Eurazeo is a listed investment comp any 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 deb t and real assets; and  
− for Protel : Protel is a provider of property management system software to hotels , 
headquartered in Dortmund, Germany.   
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls w ithin the scope of the Merger  Regulation  and of 
paragraph 5(c ) 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.