Mergers: EU Commission clears acquisition of part of thyssenkrupp Elevator by Advent and Cinven
The European Commission has approved, under the EU Merger Regulation, the acquisition of thyssenkrupp Elevator AG (“tkE”) of Germany by Advent of US and Cinven of UK. Advent is active in the acquisition of equity stakes and the management of investment funds in various sectors, including business and financial services.
Cinven is a private equity business engaged in the provision of investment management and investment advisory services to a number of investment funds. tkE is active in the installation and servicing of elevators, escalators, passenger boarding bridges and stairlifts.
One of Advent’s portfolio companies, Rubix, supplies an input that is used by tkE and its competitors for their activities in downstream markets.
The Commission concluded that the proposed acquisition would raise no competition concerns given that Advent would not have the ability or incentive to restrict competitors’ access to essential input and/or to a sufficient customer base on the market for the repair and maintenance services for escalators in various Member States.
The operation was examined under the normal merger review procedure. More information will be available on the Commission’s competition website, in the public case register under the case number M.9815.
Arianna Podesta –