CELEX: 32021M10492
Language: en
Date: 2021-11-24 00:00:00
Title: Commission Decision of 24/11/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10492 - SILVER LAKE / CVC / SPHINX / RAC JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 24.11.2021
                                                                C(2021) 8650 final
                                                                                 PUBLIC VERSION
                                                                Silver Lake Group, L.L.C.
                                                                2775 Sand Hill Road, Suite 100
                                                                CA 94025 – Menlo Park
                                                                United States of America
                                                                CVC Capital Partners SICAV-FIS SA
                                                                20 Avenue Monterey
                                                                2163 – Luxembourg
                                                                Luxembourg
                                                                Sphinx Investment Pte Ltd
                                                                York House, 45 Seymour Street
                                                                W1H 7LX – London
                                                                United Kingdom
Subject:        Case M.10492 – SILVER LAKE / CVC / SPHINX / RAC JV
                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 28 October 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Silver Lake
        Group, L.L.C. (“Silver Lake”, USA), CVC Capital Partners SICAV-FIS SAA
        (“CVC”, Luxembourg) and Sphinx Investment Pte Ltd (“Sphinx”, Singapore) acquire
        within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control
        of RAC Group (Holdings) Limited (“RAC JV”, UK) 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 451, 8.11.2021, p. 6.
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:
   −    for Silver Lake: a global investment firm focused on technology, technology-
        enabled and related growth industries,
   −    for CVC: provides advice to and management of investment funds with interests
        in companies active in various industries around the world, primarily in Europe,
        the United States and the Asia-Pacific region,
   −    for Sphinx: a nominated investment entity of GIC Special Investments Pte. LTD
        (“GICSI”). The primary business of GICSI is the management of a diversified
        global portfolio of investments in private equity, venture capital and infrastructure
        funds, as well as direct investments in private companies. GICSI’s portfolio
        includes investments in the United States, Asia, the European Economic Area and
        the United Kingdom,
   −    for RAC JV: provides breakdown and other motor-related services in the United
        Kingdom and Ireland.
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)
                                                    Olivier GUERSENT
                                                    Director-General
4  OJ C 366, 14.12.2013, p. 5.
                                               2