CELEX: 32022M10665
Language: en
Date: 2022-03-25 00:00:00
Title: Commission Decision of 25/03/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10665 - WAVERLY / TPG / ASIA HEALTHCARE HOLDINGS) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                 Brussels, 25.03.2022
                                                                 C(2022) 2016 final
                                                                                 PUBLIC VERSION
                                                                 Waverly Pte. Ltd.
                                                                 168 Robinson Road
                                                                 #37-01 Capital Tower
                                                                 Singapore 068912
                                                                 TPG Growth III SF PTE. Ltd.
                                                                 83 Clemenceau Avenue
                                                                 #11-01, UE Square
                                                                 Singapore 239920
Subject:        Case M.10665 – WAVERLY / TPG / ASIA HEALTHCARE HOLDINGS
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                (EC) No 139/20041 and Article 57 of the Agreement on the European
                Economic Area2
Dear Sir or Madam,
1.      On 2 March 2022, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Waverly Pte.
        Ltd. (‘Waverly’, Singapore), ultimately controlled by the GIC Group, and TPG
        Growth III SF PTE. Ltd. (‘TPG’, United States), will acquire within the meaning of
        Article 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of Asia
        Healthcare Holdings Private Limited (‘AHH’, Singapore), ultimately controlled by
        TPG by way of purchase of shares.3
2.      The business activities of the undertakings concerned are the following:
             Waverly: nominated investment vehicle of the GIC Group, with investments
              across a variety of sectors globally. GIC Group manages a diversified global
              portfolio of investments in private equity, venture capital and infrastructure funds,
              as well as direct investments in private companies,
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 114, 10.03.2022, 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---        TPG: investment firm that manages a family of funds that invests in a variety of
        companies through acquisitions and corporate restructurings,
       AHH: operating an investment platform focused on single-specialty healthcare in
        India. AHH’s activities comprise two core businesses: (i) Motherhood, a specialty
        hospital chain offering premium maternity, children and fertility healthcare
        services across India; and (ii) Nova IVF, a dedicated provider of IVF and fertility
        solutions in India.
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) and 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.
                                               2