EUROPEAN COMMISSION DG Competition

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 03/12/2024

In electronic form on the EUR-Lex website under document number 32024M11798

EUROPEAN COMMISSION

Brussels, 3.12.2024 C(2024) 8669 final

PUBLIC VERSION

Patient Square Capital Holdings, LLC Suite 302, 4001 Kennett Pike County of New Castle Wilmington, Delaware 19807 United States of America

Carlyle Group Inc. c/o The Carlyle Group One Vanderbilt Avenue New York, NY 10017 United States of America

Dear Sir or Madam,

1.(1) On 4 November 2024, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which the undertakings Patient Square Capital Holdings, LLC (“Patient Square Holdings” and, together with its affiliates, “Patient Square”, USA), and Carlyle Group Inc. (“Carlyle”, USA), will acquire within the meaning of Articles 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of the undertaking Coding Solutions Topco, Inc., a Delaware corporation (together with its subsidiaries, “CorroHealth”, USA), which is currently solely controlled by Carlyle, by way of purchase of 3shares. ()

(2) The business activities of the undertakings concerned are the following:

– Patient Square is a dedicated health care investment firm which invests in businesses whose products, services and technologies improve health,

– Carlyle is a global alternative asset manager which manages funds that invest in Global Private Equity, Global Credit, and Investment Solutions.

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() OJ C, C/2024 /6960, 14.11.2024.

(3) The business activities of the undertaking CorroHealth are the following: providing advanced analytics, AI technology, and clinical expertise to optimize revenue cycle management for healthcare systems.

4.(4) 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(a) of the Commission Notice on a simplified treatment for certain 4concentrations under Council Regulation (EC) No 139/2004. ()

(5) For the reasons set out in the Notice on a simplified treatment, 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 160, 5.5.2023, p. 1 (the ‘Notice on a simplified treatment’).

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