CELEX: 32019M9580
Language: en
Date: 2019-12-03 00:00:00
Title: Commission Decision of 03/12/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9580 - PERMIRA / SMITH & WILLIAMSON) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 3.12.2019
                                                                C(2019) 8786 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9580 - PERMIRA / SMITH & WILLIAMSON
                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 8 November 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Tilney Group
        Limited ("Tilney", UK), ultimately controlled by Permira Holdings Limited
        (“Permira”, Guernsey), acquires within the meaning of Article 3(1)(b) of the Merger
        Regulation control of the whole of Smith & Williamson Holdings Limited (“Smith &
        Williamson”, United Kingdom) by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
             Permira is a private equity business engaged in the provision of investment
              management services to a number of investment funds. Permira controls a number
              of portfolio companies which are active in a variety of sectors across a range of
              jurisdictions.
             Tilney is an independent wealth management firm, with offices throughout the
              UK. It is primarily active in providing financial planning, investment
              management, and advisory services to private clients.
             Smith & Williamson is an independent financial and professional services firm,
              with offices throughout the UK and Ireland. Smith & Williamson offers,
              professional, financial and investment management services to individuals and
              businesses.
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 386, 14.11.2019, p.30.
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--- 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 139/2004.4
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)
                                                  Cecilio MADERO VILLAREJO
                                                  Acting Director-General
4  OJ C 366, 14.12.2013, p. 5.
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