CELEX: 32015M7505
Language: en
Date: 2015-02-16 00:00:00
Title: Commission Decision of 16/02/2015 declaring a concentration to be compatible with the common market (Case No COMP/M.7505 - CARLYLE / WARBURG PINCUS / DBRS) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 16.2.2015
                                        C(2015) 998 final

                                        [pic][pic]

|To the notifying parties:                                              |                                                                       |
|                                                                       |                                                                       |

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

Subject:    Case M.7505 - CARLYLE / WARBURG PINCUS / DBRS
         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 21 January 2015, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation
    by which TCG Financial Services II, L.P. ("TCGFS II" USA), belonging to the Carlyle Group L.P.  ("Carlyle",  USA)  and  Warburg  Pincus  LLC
    ("Warburg Pincus" USA) acquire within the meaning of Article 3(1)(b) and 3(4) of the  Merger  Regulation  joint  control  of  DBRS  Holdings
    Limited ("DBRS", Canada) by way of purchase of shares.[3]

 2. The business activities of the undertakings concerned are:

      - Carlyle is a global alternative asset manager. It manages funds that invest globally across four investment  disciplines:  (i)  corporate
        private equity  (ii) real estate, infrastructure and energy; (iii) structured credit, mezzanine,  distressed,  hedge  funds,  and  middle
        market debt and (iv) private equity fund of funds program and related co-investment and secondary activities;

      - Warburg Pincus is a private equity firm active globally in a variety of sectors, including consumer,  industrial  and  services,  energy,
        financial services, healthcare, and technology, media and telecommunications;

      - DBRS is a global provider of credit rating opinions across a broad range of financial institutions, corporate entities, government bodies
        and various structured finance product groups in North America, Europe, Australasia and South 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 paragraphs 5(a) and 5(c) 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)
                                        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]   OJ L 1, 3.1.1994, p. 3 ("the EEA Agreement").

[3]   Publication in the Official Journal of the European Union No C 31, 30.1.2015, p. 12.

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

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE