CELEX: 32017M8647
Language: en
Date: 2017-12-18 00:00:00
Title: Commission Decision of 18/12/2017 declaring a concentration to be compatible with the common market (Case No COMP/M.8647 - VARDE / FRAIKIN) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 18.12.2017
                                                                C(2017) 8961 final
                                                                  PUBLIC VERSION
                                                                To the notifying party
Subject:        Case M.8647 - VARDE / FRAIKIN
                Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
                                1                                                                             2
                No 139/2004 and Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 23 November 2017, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the undertaking
        Värde Partners, Inc. (‘Värde’, United States) acquires within the meaning of
        Article 3(1)(b) of the Merger Regulation control over the whole of the undertaking
        Financière Truck Investissement (‘Fraikin’, France) by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
        — for Värde: credit and value investing strategies, with expertise in partnering with
        financial institutions worldwide. It provides investment services to a wide array of
        investors including foundations and endowments, pension plans, insurance companies,
        other institutional investors and private clients.
        — for Fraikin: parent company of the Fraikin group, active in the provision of short and
        long-term passenger and industrial vehicle rental services for business customers. Fraikin
        also offers fleet management, driver rental and driver training services.
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(b) 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 406, 30.11.2017, 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---    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)
                                                   Johannes LAITENBERGER
                                                   Director-General
4  OJ C 366, 14.12.2013, p. 5.
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