Prior notification of a concentration (Case M.12126 – CPP INVESTMENTS / EFMS / NEOGOV) – Candidate case for simplified procedure
Date: 2025-08-26
Institutions: Directorate-General for Competition, European Commission
Subjects: United States, cloud computing, economic concentration, merger control, personnel administration, public sector, software








C_202504713EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/4713


26.8.2025






Prior notification of a concentration
(Case M.12126 – CPP INVESTMENTS / EFMS / NEOGOV)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2025/4713)


1.   
On 12 August 2025, 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:






—


Canada Pension Plan Investment Board (‘CPP Investments’, Canada),










—


EQT Fund Management S.à.r.l (‘EFMS’, Luxembourg), controlled by EQT AB (publ) (Sweden),










—


NEOGOV (United States), controlled by Warburg Pincus LLC (United States).




CPP Investments and EFMS will acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of the whole of NEOGOV.
The concentration is accomplished by way of purchase of shares.


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






—


CPP Investments is a professional investment management organization that invests the funds transferred to it by the Canada Pension Plan that are not needed to pay current benefits in the best interests of its contributors and beneficiaries. CPP Investments invests around the world in public and private equities, real estate, infrastructure, and fixed income instruments,










—


EFMS is the alternative investment fund manager of EQT X, a private investment fund forming part of the EQT group of investment funds. The portfolio companies of EQT group of investment funds are active across various jurisdictions.










—


NEOGOV is a provider of cloud-based human capital management and compliance management software for the public sector entities, primarily in the United States. NEOGOV provides software modules that support the full employee lifecycle for state and local government agencies, as well as public safety organizations.






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 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.


4.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration 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.12126 – CPP INVESTMENTS / EFMS / NEOGOV
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/2025/4713/oj
ISSN 1977-091X (electronic edition)