CELEX: 32022M10586
Language: en
Date: 2022-03-29 00:00:00
Title: Commission Decision of 29/03/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10586 - MGL / MSP / O’CONNOR / MCLAREN RACING) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                               Brussels, 29.03.2022
                                                               C(2022) 2128 final
                                                                               PUBLIC VERSION
                                                               USB O’Connor LLC
                                                               One North Wacker Drive
                                                               IL 60606 - Chicago
                                                               USA
                                                               MSP Racing Holdings L.P
                                                               295 Madison Avenue, 18th Floor
                                                               New York 10017
                                                               USA
                                                               McLaren Group Limited
                                                               McLaren Technology Centre, Chertsey
                                                               Road,
                                                               Woking, Surrey GU21 4YH
                                                               United Kingdom
Subject:        Case M.10586 – MGL / MSP / O’CONNOR / MCLAREN RACING
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                (EC) No 139/20041 and Article 57 of the Agreement on the European
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                Economic Area
Dear Sir or Madam,
1.      On 7 March 2022, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which UBS
        O’Connor LLC (“O‘Connor”, United States), controlled by UBS AG (“UBS”,
        Switzerland), MSP Racing Holdings, L.P. (“MSP”, United States) and McLaren
        Group Limited (“MGL”, United Kingdom), controlled by Bahrain Mumtalakat
        Holding Company B.S.C.(c) (“Mumtalakat, Bahrain), will acquire within the meaning
        of Articles 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of
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’).
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---    McLaren Racing Limited (the “JV”, United Kingdom) by way of amendment to the
   Limited Liability Company Agreement and the Framework Governance Agreement.3
2. The business activities of the undertakings concerned and the JV are the following:
       for or O’Connor: a US-based investment adviser providing investment advisory
        services to its clients, which include investment funds and sophisticated investors,
       for MSP: a US-based privately held investment advisory firm which manages
        investments in professional sports teams, leagues, and businesses in the sports
        ecosystem,
       for MGL: holding company for the business activities of the McLaren group. The
        McLaren group’s business comprises two key divisions, i.e. (i) McLaren
        Automotive Limited, a provider of luxury high performance cars; and (ii) the JV,
       for the JV: the development, production, racing and marketing in connection with
        its participation in Formula 1 motorsport. In addition to its Formula 1 business,
        McLaren Racing is also active in other motorsport leagues such as the US-based
        IndyCar Series where McLaren Racing currently cooperates with, and provides
        technical support to, the US racing team Arrow McLaren SP.
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
3  Publication in the Official Journal of the European Union No C120,15.03.2022, p.28.
4  OJ C 366, 14.12.2013, p. 5.
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