Prior notification of a concentration (Case M.8518 — MDP/HPS/Nevada/Towergate) — Candidate case for simplified procedure (Text with EEA relevance. )
Date: 2017-10-25
Institutions: European Commission
Subjects: economic concentration, holding company, insurance, investment company, merger control








C_2017361EN.01003901.xml










25.10.2017   


EN


Official Journal of the European Union


C 361/39





Prior notification of a concentration
(Case M.8518 — MDP/HPS/Nevada/Towergate)
Candidate case for simplified procedure
(Text with EEA relevance)
(2017/C 361/07)






1.


On 18 October 2017, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


HPS Investment Partners, LLC (‘HPS’) (USA),










—


Ardonagh Group Limited (‘Ardonagh’) (UK), controlled by HPS,










—


Madison Dearborn Partners, LLC (‘MDP’) (USA),










—


Nevada Investment Holdings 2 Limited (‘Nevada 2’) (Cayman Islands), controlled by MDP.




HPS and MDP acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of Ardonagh (including Towergate) and Nevada 2.
The concentration is accomplished by way of purchase of securities.










2.


The business activities of the undertakings concerned are:
—   for HPS: a US-based investment firm, with investments in a wide range of industries, including insurance brokerage companies,
—   for Ardonagh: controls Towergate Insurance Limited (‘Towergate’), Autonet Insurance Services Ltd (‘Autonet’), Price Forbes & Partners Limited (‘Price Forbes’), Ryan Direct Group (‘RDG’) and Chase Templeton Limited (‘Chase Templeton’). All these entities are insurance broker companies active mainly in the non-life insurance sector in the UK,
—   for MDP: a US-based private equity investment firm, with investments in a wide range of industries, including insurance brokerage companies,
—   for Nevada 2: a private holding company incorporated in the Cayman Islands that was established as an investment vehicle by MDP and HPS which holds The Broker Network Limited and Countrywide Insurance Management Limited (together ‘Broker Network’). Broker Network is a UK broker platform for small local independent insurance brokers, offering commercial and personal insurance cover in the UK.










3.


On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under the Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.










4.


The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.8518 — MDP/HPS/Nevada/Towergate
Observations can be sent to the Commission by email, by fax, or by post. Please use the contact details below:





E-mail: COMP-MERGER-REGISTRY@ec.europa.eu




Fax +32 22964301




Postal address:




European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË










(1)  OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  OJ C 366, 14.12.2013, p. 5.