CELEX: 32016M8197
Language: en
Date: 2016-10-10 00:00:00
Title: Commission Decision of 10/10/2016 declaring a concentration to be compatible with the common market (Case No COMP/M.8197 - CINVEN / OLD MUTUAL WEALTH ITALY) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 10.10.2015
                                        C(2016) 6604 final

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                                        To the notifying party

Dear Sirs,

Subject:    Case M.8197 - CINVEN / OLD MUTUAL WEALTH ITALY
         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 16.09.2016, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger  Regulation  by
    which Ergo Previdenza S.p.A (Italy), controlled by Ergo Italia S.p.A. (Italy) and  ultimately  by  Cinven  Capital  Management  (V)  General
    Partner Limited, belonging to the Cinven group ("Cinven", UK) acquires within the meaning  of  Article  3(1)(b)  of  the  Merger  Regulation
    control of the whole of Old Mutual Wealth Italy S.p.A. (Italy), a wholly owned subsidiary  of  Old  Mutual  Wealth  Holdings  Limited  (UK),
    ultimately owned by Old Mutual Group Plc (UK) by way of purchase of shares.[3]

 2. The business activities of the undertakings concerned are:

        – Cinven is a private equity firm with investments in: business services; consumer goods and services; financial  services;  healthcare;
          industrials; and technology, media and telecommunications. It is active on the Italian life insurance market, both as a provider and a
          distributor, through its portfolio company Ergo Italia.

        – Old Mutual Wealth Italy is a provider of life insurance, active only on the Italian market.

 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) 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 C 348, 23.09.2016, p. 21.
[4]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE