Prior notification of a concentration (Case M.12185 – CPP INVESTMENTS / STONE POINT / ONEDIGITAL) – Candidate case for simplified procedure
Date: 2025-10-21
Institutions: Directorate-General for Competition, European Commission
Subjects: economic concentration, financial services, insurance, investment company, merger control, personnel administration








C_202505642EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/5642


21.10.2025






Prior notification of a concentration
(Case M.12185 – CPP INVESTMENTS / STONE POINT / ONEDIGITAL)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2025/5642)


1.   
On 10 October 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),










—


Stone Point Capital LLC (‘Stone Point’, United States),










—


OneDigital Topco LLC (‘OneDigital’, United States).




CPP Investments and Stone Point will acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of the whole of OneDigital.
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 received from the Canada Pension Plan in public equities, private equities, real estate, infrastructure and fixed income instruments worldwide,










—


Stone Point is an investment firm that manages investment funds which target investments in companies active in the global financial services industry and related sectors,










—


OneDigital is a provider of insurance, financial, and human resources services offering personalised, technology-enabled solutions to support businesses and individuals.






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.12185 – CPP INVESTMENTS / STONE POINT / ONEDIGITAL
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/2025/5642/oj
ISSN 1977-091X (electronic edition)