CELEX: 32016M8001
Language: en
Date: 2016-05-25 00:00:00
Title: Commission Decision of 25/05/2016 declaring a concentration to be compatible with the common market (Case No COMP/M.8001 - PILLARSTONE / SIRTI) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 25.05.2016
                                        C(2016) 3245 final

                                        [pic]

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|To the notifying party                                                 |                                                                       |

Dear Sirs,

Subject:    Case M.8001 – PILLARSTONE / SIRTI
         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 22 April 2016, the European Commission received notification of a proposed concentration pursuant to Article 4 of the  Merger  Regulation
    by which the undertaking Pillarstone Italy S.p.A. (“Pillarstone”, Italy) an investment fund indirectly controlled by KKR & Co  L.P.  (“KKR”,
    United States), acquires within the meaning of Article 3(1)(b) of the Merger Regulation control of the whole of the undertaking Sirti S.p.A.
    (“Sirti”, Italy) by way of purchase of shares.[3]

 2. The business activities of the undertakings concerned are:

      -     for Pillarstone: Pillarstone is a fund which is indirectly controlled by KKR. Pillarstone has been set up as  an  investment  vehicle
           to provide companies with new capital.

      -     for KKR: KKR is a global investment firm that manages investments across multiple asset classes, including  private  equity,  energy,
           infrastructure, real estate, credit strategies and hedge funds.

      -     for Sirti: Sirti is an Italian headquartered company active in providing civil engineering  services.  Sirti  focuses  on  designing,
           engineering, implementing, maintaining and managing networks and systems to the telecommunications,  power,  railway,  transportation
           and TV broadcasting industries. In addition, Sirti  is  active  in  the  IT  services  industry  and  provides  IT  services  in  the
           telecommunications, government and utilities sectors. Sirti is largely active in  Italy,  but  also  has  some  activities  in  other
           European countries including Sweden.

 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 paragraphs 5/(b) and  5/(c)  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)
                                        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 C153, 29.04.2016, p. 15.

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

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE