Prior notification of a concentration (Case M.11567 – MSI / FINHOLD / SALCEF) – Candidate case for simplified procedure
Date: 2024-05-22
Institutions: Directorate-General for Competition, European Commission
Subjects: building industry, consultancy, economic concentration, financial services, holding company, merger control, provision of services, rail network, transport infrastructure, underground railway








C_202403267EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2024/3267


22.5.2024






Prior notification of a concentration
(Case M.11567 – MSI / FINHOLD / SALCEF)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2024/3267)


1.   
On 13 May 2024, 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:






—


Morgan Stanley Infrastructure Inc. (‘MSI’, United States), controlled by Morgan Stanley (United States),










—


Finhold S.r.l. (‘Finhold’, Italy), controlled by the Salciccia family (Italy),










—


Salcef Group S.p.A. (‘Salcef’, Italy), currently controlled by Finhold.




MSI and Finhold will acquire within the meaning of Article 3(1)(b) joint control of the whole of Salcef.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


MSI provides financial services worldwide, including asset management advice and, in particular, advice of funds that invest in infrastructure assets predominantly in OECD countries. MSI is solely controlled by Morgan Stanley, which is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services,










—


Finhold is a holding company entity ultimately controlled by the Salciccia family.






3.   

The business activities of Salcef are the following: the construction and maintenance of railway and metro infrastructures, mainly in Europe, the USA and the Middle East.



4.   
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 treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
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.11567 – MSI / FINHOLD / SALCEF
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

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 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2024/3267/oj
ISSN 1977-091X (electronic edition)