CELEX: 32016M7874
Language: en
Date: 2016-03-22 00:00:00
Title: Commission Decision of 22/03/2016 declaring a concentration to be compatible with the common market (Case No COMP/M.7874 - WARBURG PINCUS / GENERAL ATLANTIC / UNICREDIT / PIONEER US) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 22.03.2016
                                        C(2016) 1920 final

                                        [pic]

|To the notifying parties:                                              |                                                                       |

Dear Sirs,

Subject:    Case M.7874 - WARBURG PINCUS / GENERAL ATLANTIC / UNICREDIT / PIONEER US
         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 29 February 2016, the European Commission received notification of  a  proposed  concentration  pursuant  to  Article  4  of  the  Merger
    Regulation by which which affiliates of Warburg Pincus LLC (“Warburg Pincus”, United States), affiliates of General Atlantic  LLC  (“General
    Atlantic”, United States) and Unicredit S.p.A. ("Unicredit", Italy) acquire within the meaning of Article 3(1)(b) of the  Merger  Regulation
    joint control over Pioneer Investment Management USA Inc. and its subsidiaries in the United States (“Pioneer US”, United States) by way  of
    purchase of shares. Pioneer US is currently a wholly-owned subsidiary of Unicredit.[3]

 2. The business activities of the undertakings concerned are:

      – Warburg Pincus is a global private equity firm, active through its portfolio  companies  in  a  variety  of  sectors,  including  energy,
        financial services, healthcare and consumer, industrial and business services, and technology, media and telecommunications;

      – General Atlantic is a private equity firm, active through its portfolio companies in a variety of sectors, including  business  services,
        retail and consumer, financial services, healthcare, internet and technology ;

      – Unicredit is the Italian parent company of a banking group providing banking and financial services in Italy and abroad;

      – Pioneer US is an asset management business with operations in the US and Canada.

 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)
                                        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 89, 5.3.2016, p. 12.

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

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE