CELEX: 32014M7344
Language: en
Date: 2014-09-24 00:00:00
Title: Commission Decision of 24/09/2014 declaring a concentration to be compatible with the common market (Case No COMP/M.7344 - WARBURG PINCUS / BANCO SANTANDER / COFFER) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |
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                                        Brussels,24.9.2014
                                        C(2014) 7011 final

                                        |To the notifying parties:                                          |                                                                   |

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

Subject:    Case M.7344 - WARBURG PINCUS/ BANCO SANTANDER/ COFFER
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1]

 1. On 01.09.2014, the Commission received a notification of a proposed concentration pursuant  to  Article  4  of  Council  Regulation  (EC)  No
    139/2004 by which affiliates of Warburg Pincus LLC ("Warburg Pincus", USA) acquire, within the meaning  of  Article  3(1)(b)  of  the  Merger
    Regulation, joint control of the undertaking Santander Banco de Emisiones, S.A. (to be renamed Santander Securities  Services,  S.A.,  Spain)
    and, indirectly, in certain subsidiaries in Spain, Brazil and Mexico (collectively, “Coffer”),  by way  of  purchase  of  shares.  Coffer  is
    currently solely controlled by Banco Santander S.A. ("Santander", Spain).

 2. The business activities of the undertakings concerned are:

-     Warburg Pincus: private equity firm active globally in a variety of sectors, including consumer, industrial  and  services  (CIS),  energy,
    financial services, healthcare, and technology, media and telecommunications (TMT).
-     Santander: is the parent company of an international group of banking and financial companies operating in Europe, the  United  States  and
    Latin America. It is active in retail banking, asset management, corporate and investment banking, treasury and insurance.
-     Coffer: is a provider of custody and fund administration services in Spain, Brazil and Mexico.[2]

 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[3].

 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.

                                        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]   Publication in the Official Journal of the European Union No C 304, 9.9.2014, p.5.
[3]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE