Commission Decision of 22/08/2013 declaring a concentration to be compatible with the common market (Case No COMP/M.6971 - WARBURG PINCUS / GENERAL ATLANTIC / SANTANDER / SANTANDER ASSET MANAGEMENT) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic) |EUROPEAN COMMISSION | Brussels, 22.08.2013 PUBLIC VERSION C(2013)5566 final SIMPLIFIED MERGER PROCEDURE To the notifying parties: | | Dear Madam(s) and/or Sir(s), Subject: Case No COMP/M.6971 - Warburg Pincus/ General Atlantic/ Santander/ Santander Asset Management Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004 [1] 1.
On 25.07.2013, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertakings Warburg Pincus & Co ("Warburg Pincus", United States), General Atlantic Company LLC ("General Atlantic", United States) and Banco Santander ("Santander", Spain) acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of Santander Asset Management (“SAM”, Jersey) by way of purchase of shares. 2. The business activities of the undertakings concerned are: - Warburg Pincus: private equity, - General Atlantic: private equity, - Santander: provision of services in retail banking, asset management, corporate and investment banking, treasury and insurance, - SAM: asset management [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)ii 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 [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 220, 1.8.2013, p. 32. [3] OJ C 56, 5.3.2005, p. 32.