Prior notification of a concentration (Case M.8809 — Prime Credit 3/Oxalis Holding/Lennon/Tavani/Lo Giudice/Phoenix Asset Management) — Candidate case for simplified procedure (Text with EEA relevance. )
Date: 2018-03-13
Institutions: European Commission
Subjects: economic concentration, financial services, investment company, merger control








C_2018095EN.01002301.xml










13.3.2018   


EN


Official Journal of the European Union


C 95/23





Prior notification of a concentration
(Case M.8809 — Prime Credit 3/Oxalis Holding/Lennon/Tavani/Lo Giudice/Phoenix Asset Management)
Candidate case for simplified procedure
(Text with EEA relevance)
(2018/C 95/11)






1.


On 5 March 2018, 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:






—


Prime Credit 3 S.à r.l. (‘PC3’, Luxembourg), controlled by AnaCap Financial Europe S.A. SICAV-RAIF (Luxembourg), which belongs to Anacap Group Holdings (‘Anacap Group’, Guernsey).










—


Oxalis Holding S.à r.l. (‘Oxalis’, Luxembourg), controlled by Pacific Investment Management company LLC (‘PIMCO’, USA).










—


Mr Steve Lennon (Italy),










—


Mr Paolo Lo Giudice (Italy),










—


Mr Roberto Tavani (Italy),










—


Phoenix Asset Management S.p.A (‘PAM’, Italy).




PC3, Oxalis, Mr Steve Lennon, Mr Paolo Lo Giudice and Mr Roberto Tavani acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of the whole of PAM.
The concentration is accomplished by way of purchase of shares.










2.


The business activities of the undertakings concerned are:
—   PC3: a private equity firm focused on the European financial services sector which predominantly invests in non-performing assets comprising loans, leases, securities or other obligations.
—   Oxalis: a subsidiary of investment funds ultimately controlled by PIMCO, which is a global investment manager and provides fianancial services, among others, to governments, insurance companies, high-net-worth investors, financial institutions, retail investors and pooled investment vehicles.
—   Mr Steve Lennon, Paolo Lo Giudice and Mr Roberto Tavani: original shareholders of PAM, who currently exercise joint control over PAM.
—   PAM: an Italian company, focused predominantly on the management of secured and unsecured non-performing loan (NPL) portfolios.










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.8809 — Prime Credit 3/Oxalis Holding/Lennon/Tavani/Lo Giudice/Phoenix Asset Management
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.