CELEX: 32021M10076
Language: en
Date: 2021-02-12 00:00:00
Title: Commission Decision of 12/02/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10076 - CINVEN / RAFFLES / MILLER) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 12.2.2021
                                                                C(2021) 1061 final
                                                                                 PUBLIC VERSION
                                                                Cinven Capital Management (SFF)
                                                                General Partner Limited
                                                                Level Four, Mill Court, La Charroterie,
                                                                St Peter Port
                                                                GY1 1EJ Guernsey
                                                                Raffles Private Holdings Limited
                                                                York House, 45 Seymour Street
                                                                W1H 7LX London
                                                                United Kingdom
Subject:        Case M.10076 – CINVEN / RAFFLES / MILLER
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                        1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                     2
                Economic Area
Dear Sir or Madam,
1.      On 21 January 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Cinven Capital
        Management (SFF) General Partner Limited (“Cinven”) (Guernsey) and Raffles
        Private Holdings Limited (“Raffles”) (United Kingdom), controlled by GIC Private
        Limited (“GIC”) (Singapore), acquire within the meaning of Article 3(1)(b) of the
        Merger Regulation joint control over the whole of Miller Insurance Services LLP
        (“Miller”) (United Kingdom) by way of purchase of shares. 3
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 31, 28.1.2021, p. 50-51.
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--- 2. The business activities of the undertakings concerned are:
   −    Cinven is a private equity business primarily active in the provision of
        management and advisory services to investment funds.
   −    Raffles is an investment vehicle of GIC, which manages a diversified global
        portfolio of investments in private equity, venture capital and infrastructure funds,
        as well as direct investments in private companies.
   −    Miller is active in the provision of non-life insurance and reinsurance broking
        services.
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
4  OJ C 366, 14.12.2013, p. 5.
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