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BRIDGEPOINT / EQT CREDIT PLATFORM

M.9905

BRIDGEPOINT / EQT CREDIT PLATFORM
September 21, 2020
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Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

SECTION 1.2

Description of the concentration

The Commission has received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (the “EUMR”). On 26 August 2020, Bridgepoint Group Limited (“Bridgepoint”) notified its intention to acquire indirect sole control of the EQT Credit Platform (the “Target”) from EQT AB and certain of its affiliates within the meaning of Article 3(1)(b) of the EU Merger Regulation.

The areas of activities of the undertakings concerned by the notified concentration are as follows:

a. Bridgepoint – Private equity group headquartered in the United Kingdom, which was founded over 25 years ago and has a well-established middle market private equity business comprising three strategies: upper middle market private equity investment, lower middle market private equity investment and growth capital. In 2016, Bridgepoint established a credit strategy to provide private debt for European middle market businesses.

b. Target – The credit platform of the EQT investment group, which includes the entities established in the United Kingdom and Luxembourg and operates through a number of credit strategies (the “EQT Credit Platform”).

The EQT Credit Platform operates through three strategies: Senior Debt, Direct Lending and Special Situations.

(i) Direct Lending comprises the EQT Mid-Market Credit funds, which engage in direct lending activities primarily in Europe and focus on high- quality businesses with strong downside protection and an opportunity to conduct in-depth due diligence.

(ii) EQT Special Situations comprises the EQT Credit Opportunities funds. EQT’s financing capabilities within Special Situations include facilitating balance sheet transformations, providing bespoke capital, identifying and crystallizing deep value in the secondary market and financing other special situations.

(iii) Senior Debt comprises the EQT Loan Fund. This is an open-ended vehicle with €0.2 billion in AUM as of 30 September 2019, investing in a portfolio of large, liquid, European credits with economic downside protection.

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.

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.

EUC

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