CELEX: 32020M9902
Language: en
Date: 2020-09-23 00:00:00
Title: Commission Decision of 23/09/2020 declaring a concentration to be compatible with the common market (Case No COMP/M.9902 - HPS / TEMASEK / CYPRESS CREEK HOLDINGS) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 23.9.2020
                                                                C(2020) 6653 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:         Case M.9902 – HPS / TEMASEK / CYPRESS CREEK HOLDINGS
                 Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                       1
                 (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                 Economic Area
Dear Sir or Madam,
1.      On 1 September 2020, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the
        undertakings HPS Investment Partners, LLC, (“HPS”, USA) and Temasek Holdings
        (Private) Limited (“Temasek”, Singapore), acquire within the meaning of
        Article 3(1)(b) of the Merger Regulation joint control over the whole of the
        undertaking Cypress Creek Holdings, LLC (“Cypress Creek Holdings”, USA) by way
        of purchase of securities.3
2.      The business activities of the undertakings concerned are:
        −     for HPS: HPS is an investment firm that manages various strategies across the
              capital structure that include syndicated leveraged loans and high yield bonds to
              privately negotiated senior secured debt and mezzanine investments, asset-based
              leasing and private equity,
        −     for Temasek: Temasek is an investment company; Temasek’s portfolio covers a
              broad spectrum of industries: financial services; telecommunications, media &
              technology; transportation & logistics; consumer; real estate; energy & resources;
              life sciences and agribusiness,
        −     for Cypress Creek Holdings: Cypress Creek Holdings is a utility-scale solar
              developer and long-term owner and operator of solar projects in the USA.
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 299, 9.9.2020, p. 9.
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--- 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(a) 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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