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Document 52023M11129

Prior notification of a concentration (Case M.11129 – Bain Capital / Apfarge / WHI) Candidate case for simplified procedure (Text with EEA relevance) 2023/C 200/07


OJ C 200, 8.6.2023, p. 8–9 (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 200/8

Prior notification of a concentration

(Case M.11129 – Bain Capital / Apfarge / WHI)

Candidate case for simplified procedure

(Text with EEA relevance)

(2023/C 200/07)


On 30 May 2023, 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:

Bain Capital Investors, LLC (‘Bain Capital’, US).

Apfarge Investments Pte Ltd. (‘Apfarge’, Singapore), ultimately controlled by CIG Group (Singapore).

World Human Intelligence Co., Ltd (‘WHI’, Japan), currently solely controlled by Bain Capital.

Bain Capital and Apfarge will acquire within the meaning of Article 3(2)(b) and 3(4) of the Merger Regulation sole control of the whole of WHI.

The concentration is accomplished by way of purchase of shares.


The business activities of the undertakings concerned are the following:

Bain Capital is a manager of investment funds investing in companies with activities in a variety of industries, including technology, media and telecommunications, healthcare, retail and consumer products, financial and business services, and industrial/manufacturing.

Apfarge is an investment fund managed by CIG Group, that manages a diversified global portfolio of investments in private equity, venture capital and infrastructure funds, as well as direct investments in private companies.

WHI develops and provides enterprise resource planning software, specifically HR software such as headcount management and payroll, employee self-service, attendance management, and talent management solutions.


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:

M.11129 – Bain Capital / Apfarge / WHI

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.