Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 4 of Short 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 4

Description of the concentration

The proposed concentration (“Transaction”) relates to the acquisition of sole control within the meaning of Article 3(1)(b) of Council Regulation (EC) No 139/2004 (the “EU Merger Regulation”) over de Eccher Holding S.r.l. (“dEH”) and its controlled companies (together with dEH, “RdE Group” or “Target”) by Sagitta SGR S.p.A. (“Sagitta” - Italy).

The Transaction will occur through the acquisition by Sagitta, via one of the alternative investment funds it manages (the UTP Restructuring Corporate Fund – the “UTPR Fund”), of a controlling shareholding over the RdE Group. This will essentially occur by way of conversion of a portion of the debt owned by Sagitta towards dEH’s subsidiary Rizzani de Eccher S.p.A. into equity of the same, that will be subsequently contributed into a newly created holding company (“HoldCo”) to be solely controlled by Sagitta. Moreover, the current shareholders of dEH will contribute their stake in dEH in exchange for a non-controlling shareholding of 33% in HoldCo.

Sagitta is an asset management company, regulated by the Bank of Italy, operating in Italy in the set-up and management of Alternative Investment Funds reserved for professional investors. It specialises in the management of illiquid alternative assets (NPL & UTP, real estate and credit assets) and in the so called special situations. Sagitta is part of Arrow Global (United Kingdom), an investor and asset manager in European NPL and non-core assets active in the UK, Germany, Ireland, Italy, the Netherlands, Portugal and Spain, belonging to the private equity firm TDR Capital LLP (United Kingdom), with investments worldwide in a variety of sectors. Ultimately, for EUMR purposes, TDR Capital LLP indirectly controls Sagitta.

The RdE Group is an Italian family-owned group, mainly active in the construction sector worldwide, especially in the infrastructure, building construction and industrial segments.

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