Prior notification of a concentration (Case M.12045 – ADVENT / KEREIS) – Candidate case for simplified procedure
Date: 2025-09-23
Institutions: Directorate-General for Competition, European Commission
Subjects: company with share capital, economic concentration, health insurance, insurance company, life assurance, merger control, pension scheme, provision of services








C_202505173EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/5173


23.9.2025






Prior notification of a concentration
(Case M.12045 – ADVENT / KEREIS)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2025/5173)


1.   
On 12 September 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:






—


Advent International L.P. (‘Advent’, United States), controlled by AIC Parent, Inc. (United States).










—


Rhéa Holding SAS and its subsidiaries (including Kereis SAS and its subsidiaries) (‘Kereis’, France), controlled by Bridgepoint Group plc (UK).




Advent will acquire within the meaning of Article 3(1)(b) of the Merger Regulation sole control of the whole of Kereis.
The concentration is accomplished by way of purchase of shares.


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






—


Advent is a private equity investor based in the United States. Advent focuses on the acquisition of equity stakes and the management of investment funds in various sectors, including healthcare, industrial, technology, retail, consumer and leisure, and business and financial services.










—


Kereis is a European insurance broker active in services in life and health insurance, including loan protection, personal protection, pension planning, and life insurance distribution. Kereis operates as an intermediary between insurance brokers and distributors such as banks, credit institutions, and retailers.






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.12045 – ADVENT / KEREIS
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/2025/5173/oj
ISSN 1977-091X (electronic edition)