CELEX: 32021M10272
Language: en
Date: 2021-06-15 00:00:00
Title: Commission Decision of 15/06/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10272 - UTMOST / QUILTER INTERNATIONAL) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 15.06.2021
                                                                C(2021) 4467 final
                                                                                 PUBLIC VERSION
                                                                Utmost Group Limited
                                                                Saddler’s House 5th Floor
                                                                44 Gutter Lane
                                                                EC2V 6BR London
                                                                United Kingdom
Subject:        Case M.10272 - UTMOST/QUILTER INTERNATIONAL
                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 21 May 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Utmost Group
        Limited (‘Utmost’, United Kingdom), controlled by Oaktree Capital Group Holdings
        GP, LLC (‘Oaktree’, United Kingdom) and Brookfield Asset Management Inc.
        (‘Brookfield’, USA) acquires within the meaning of Article 3(1)(b) of the Merger
        Regulation sole control of the whole of Quilter International Holdings and Quilter
        International Ireland Designated Activity Company (together, ‘Quilter International’,
        Ireland) by way of purchase of shares. 3
2.      The business activities of the undertakings concerned are:
        −     Utmost is a specialist life assurance group. Through its group companies, Utmost
              provides (i) international life assurance to high-net-worth and ultra-high-net-
              worth individuals, (ii) savings and employee benefit services, and (iii) life
              insurance consolidation services in the UK. Utmost is controlled by Oaktree and
              Brookfield, which both provide asset management services worldwide.
        −     Quilter International provides cross-border investment life assurance solutions in
              the UK, Europe, the Middle East, Asia and Latin America.
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 210, 3.6.2021, p. 11.
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)
                                                  Olivier GUERSENT
                                                  Director-General
4  OJ C 366, 14.12.2013, p. 5.
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