CELEX: 32016M8002
Language: en
Date: 2016-05-20 00:00:00
Title: Commission Decision of 20/05/2016 declaring a concentration to be compatible with the common market (Case No COMP/M.8002 - APOLLO MANAGEMENT / AÇOREANA SEGUROS) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 20.5.2016
                                        C(2016) 3157 final

                                        [pic]

|To the notifying party:                                                |
|                                                                       |

Dear Sirs,

Subject:    Case M.8002 - APOLLO MANAGEMENT / AÇOREANA SEGUROS
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1] and Article 57 of the Agreement on the
         European Economic Area[2]

 1. On 21 April 2016, the European Commission received notification of a proposed concentration pursuant to Article 4 of the  Merger  Regulation
    by which investment funds managed by affiliates of Apollo Management L.P ("Apollo", U.S.), through the special purpose  vehicle  Calm  Eagle
    Holdings S.à.r.l. (“Calm Eagle”,  Luxembourg), acquire within the meaning  of Article 3(1)(b) of the Merger  Regulation  sole  control  over
    Açoreana Seguros, S.A. ( “Açoreana”, Portugal) by way of  purchase of shares.[3]

 2. The business activities of the undertakings concerned are:

      – Apollo: investment funds involved in various businesses throughout the world, such as  life  and  non-life  insurance,  chemical,  cruise
        line, logistics, paper, and metals businesses;

      – Açoreana: life and non-life insurance products and services in Portugal.

 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 paragraph 5(c) 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 and is entirely without prejudice to the Commission's assessments in the  State
    aid field.

                                        For the Commission
                                        (Signed)
                                        Johannes LAITENBERGER
                                        Director-General

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[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 153, 29.042016, p. 13.

[4]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE