Brussels, 4 March 2023
The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control of Perennial Newco 2 Ltd (‘IRIS’) of the UK by Leonard Green & Partners (‘LGP’) of the US and Hg Capital (‘Hg’) of the UK.
The transaction relates primarily to the provision of software solutions for businesses.
The Commission concluded that the notified transaction would not raise competition concerns, given (i) that IRIS has negligible activities in the European Economic Area; and (ii) the companies’ limited combined market position resulting from the proposed transaction. The notified transaction was examined under the simplified merger review procedure.
More information is available on the Commission’s competition website, in the public case register under the case number M.11455.
Source – EU Commission