CELEX: 32022M10644
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.10644 - TOWERBROOK CAPITAL PARTNERS / NEW MOUNTAIN CAPITAL / CLOUDMED SOLUTIONS / R1 RCM) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                 Brussels, 29.3.2022
                                                                 C(2022) 2084 final
                                                                                 PUBLIC VERSION
                                                                 TowerBrook Capital Partners L.P.
                                                                 Park Avenue Tower, 19th Floor
                                                                 65 East, 55th Street
                                                                 NY 10022 New York
                                                                 United States of America
                                                                 New Mountain Capital, L.L.C.
                                                                 1633 Broadway, 48th Floor
                                                                 NY 10019 New York
                                                                 United States of America
Subject:        Case M.10644 – TOWERBROOK CAPITAL PARTNERS / NEW
                MOUNTAIN CAPITAL / CLOUDMED SOLUTIONS / R1 RCM
                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 4 March 2022, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the
        undertakings TowerBrook Capital Partners L.P. (“TCP”, United States) and New
        Mountain Capital, LLC (“NMC”, 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 R1
        RCM, Inc. (“R1”, United States), currently ultimately controlled by TCP, and over the
        whole of Cloudmed Solutions LLC (“Cloudmed”, United States), currently controlled
        by NMC, by way of purchase of shares.3
2.      The business activities of the undertakings concerned are the following:
              for TCP: providing investment opportunities to clients in large and middle
                 market European and North American companies across a variety of sectors,
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 120, 15.03.2022, p. 26.
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---            including healthcare products and services, retail, luxury, financial services
           consumer goods, telecommunications, media, chemicals, knowledge services
           and selected industrial segments,
        for NMC: managing private equity, credit and net lease capital globally across
           a variety of industries including healthcare, software, business services,
           information and data, logistics, financial services and environmental services,
        for R1: providing technology-driven solutions to improve the patient
           experience and financial performance of hospitals, health systems and medical
           groups in North America,
        for Cloudmed: providing           revenue    intelligence solutions for  healthcare
           providers in North America.
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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