CELEX: 32019M9518
Language: en
Date: 2019-09-11 00:00:00
Title: Commission Decision of 11/09/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9518 - CPPIB / EQT / BNVC GROUP HOLDINGS) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 11.09.2019
                                                                C(2019)6627 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9518 – CPPIB / EQT / BNVC GROUP HOLDINGS
                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 20 August 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which EQT Fund
        Management S.à r.l (“EQT”, Luxembourg) and Canada Pension Plan Investment
        Board (“CPPIB”, Canada) acquire within the meaning of Article 3(1)(b) of the Merger
        Regulation joint control over BNVC Group Holdings, Inc. (“BNVC Group Holdings”,
        United States) by way of purchase of equity interests from Bain Capital, LLC (“Bain
        Capital”, United States).3 Post-transaction, Bain Capital will retain a non-controlling
        minority shareholding in BNVC Group Holdings.
2.      The business activities of the undertakings concerned are:
             for EQT: management of investment funds,
             for CPPIB: investment management,
             for BNVC Group Holdings: holding company of Waystar, a provider of revenue
              cycle management solutions for healthcare systems and providers in the United
              States.
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
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 287, 26.8.2019, p. 12.
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---    paragraphs 5(a) and (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.
                                              2