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Document 52022M10851

Prior notification of a concentration (Case M.10851 – CVC / PLATINUM IVY / TMF GROUP) Candidate case for simplified procedure (Text with EEA relevance) 2022/C 325/04


OJ C 325, 29.8.2022, p. 4–5 (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)



Official Journal of the European Union

C 325/4

Prior notification of a concentration


Candidate case for simplified procedure

(Text with EEA relevance)

(2022/C 325/04)


On 19 August 2022, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).

This notification concerns the following undertakings:

CVC Capital Partners SICAV-FIS S.A. (‘CVC’, Luxembourg),

Platinum Ivy B 2018 RSC Limited (‘Platinum’, United Arab Emirates), belonging to the Abu Dhabi Investment Authority (‘ADIA’, United Arab Emirates),

TMF Sapphire Topco B.V. (the Netherlands) and its subsidiaries (‘TMF Group’), controlled by CVC.

CVC and Platinum Ivy will acquire within the meaning of Articles 3(1)(b) and 3(4) of the Merger Regulation joint control of TMF Group.

The concentration is accomplished by way of purchase of shares.


The business activities of the undertakings concerned are the following:

CVC and its subsidiaries manage investment funds and platforms. CVC funds hold interests in a number of companies in various industries including chemicals, utilities, manufacturing, retailing and distribution, primarily in Europe, the US and the Asia-Pacific region,

Platinum Ivy makes investments into the private equities asset class across various geographies, including the European Union. Platinum Ivy is indirectly a wholly owned subsidiary of ADIA. ADIA is a public institution established as an independent investment institution by the Government of the Emirate of Abu Dhabi. ADIA manages a global investment portfolio across more than two dozen asset classes and sub-categories,

TMF Group primarily provides locally-delivered outsourced business and compliance services (including corporate secretarial, tax & accounting, legal & administration, and human resources & payroll) to multi-national corporates, financial institutions, investment funds and high-net worth individuals.


On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.

Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.

Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:


Observations can be sent to the Commission by email, by fax, or by post. Please use the contact details below:


Fax +32 22964301

Postal address:

European Commission

Directorate-General for Competition

Merger Registry

1049 Bruxelles/Brussel


(1)  OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  OJ C 366, 14.12.2013, p. 5.