CELEX: 32014M7409
Language: en
Date: 2014-11-03 00:00:00
Title: Commission Decision of 03/11/2014 declaring a concentration to be compatible with the common market (Case No COMP/M.7409 - APOLLO MANAGEMENT / COMPANHIA DE SEGUROS TRANQUILIDADE) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 3.11.2014
                                        C(2014) 8315 final

                                        [pic]

|To the notifying party:                                                |                                                                       |
|                                                                       |                                                                       |

Dear Madam(s) and/or Sir(s),

Subject:    Case M.7409 -  APOLLO MANAGEMENT/ COMPANHIA DE SEGUROS TRANQUILIDADE
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1]

 1. On 09 October 2014, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation  (EC)  No
    139/2004 by which investment funds managed by affiliates of Apollo Management L.P. (“Apollo”, United States), acquire within the meaning  of
    Article 3(1)(b) of the Merger Regulation sole control of Companhia de Seguros Tranquilidade, S.A. and  its  affiliates  (the  “Tranquilidade
    Group”, Portugal), by way of purchase of shares.[2]

 2. The business activities of the undertakings concerned are:

      – affiliates of Apollo invest in companies and debt issued by companies involved in various businesses throughout the  world.  Examples  of
        current investments include, inter alia, companies in the chemical, cruise line, logistics, paper, and metals businesses;

      – the Tranquilidade Group provides insurance products and services, both in the life and non-life insurance segments. The company is  based
        in Lisbon, Portugal and it operates mainly in Portugal.

 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.[3]

 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.

 5. The acquisition of the Tranquilidade Group by Apollo has no impact, and therefore bears no prejudice to, the on-going  State  Aid  procedure
    regarding the resolution measures applied to BES and the creation and capitalisation of Novo Banco.

                                        For the Commission
                                        (signed)
                                        Alexander ITALIANER
                                        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]   Publication in the Official Journal of the European Union No C 368, 17.10.2014, p. 20.

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

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE