CELEX: 32022M10582
Language: en
Date: 2022-02-24 00:00:00
Title: Commission Decision of 24/02/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10582 - GAMALIFE / GOING CONCERN OF ZURICH INVESTMENTS LIFE SPA) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                 Brussels, 24.2.2022
                                                                 C(2022) 1293 final
                                                                                 PUBLIC VERSION
                                                                 Gamalife - Companhia de Seguros de Vida
                                                                 Rua Barata Salgueiro, 28 - 5º
                                                                 1250-044 Lisbon
                                                                 Portugal
Subject:        Case M.10582 - GAMALIFE / GOING CONCERN OF ZURICH
                INVESTMENTS LIFE SPA
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                (EC) No 139/20041 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 1 February 2022, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which GamaLife –
        Companhia de Seguros de Vida, S.A. (‘GamaLife’, Portugal) acquire within the
        meaning of Article 3(1)(b) of the Merger Regulation control of the whole of A
        business unit (the ‘Target’, Italy), currently owned and operated by Zurich
        Investments Life S.p.A., ultimately controlled by the Zurich Insurance Group. The
        concentration is accomplished by way of purchase of assets.3
2.      The business activities of the undertakings concerned are:
              Gamalife is a life insurance undertaking, primarily active in Portugal, wholly-
                 owned by investment funds advised by Apax Partners LLP, UK,
              The Target is a mainly closed portfolio of life insurance contracts, together
                 with the relevant assets, operations, contracts, employees, rights, liabilities and
                 obligations.
3.      After examination of the notification, the European Commission has concluded that
        the notified operation falls within the scope of the Merger Regulation and of
1       OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’). With effect from 1 December 2009, the Treaty on
        the Functioning of the European Union (‘TFEU’) has introduced certain changes, such as the
        replacement of ‘Community’ by ‘Union’ and ‘common market’ by ‘internal market’. The terminology
        of the TFEU will be used throughout this decision.
2       OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).
3       Publication in the Official Journal of the European Union No C 68, 09.02.2022, p. 8.
Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË
Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.
 ---pagebreak---    paragraph 5(b) of the Commission Notice on a simplified procedure for treatment of
   certain concentrations under Council Regulation (EC) No 139/2004.4
4. For the reasons set out in the Notice on a simplified procedure, the European
   Commission has decided not to oppose the notified operation and to declare it
   compatible with the internal market and with the EEA Agreement. This decision is
   adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of
   the EEA Agreement.
                                                  For the Commission
                                                  (Signed)
                                                  Olivier GUERSENT
                                                  Director-General
4  OJ C 366, 14.12.2013, p. 5.
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