Mergers: Commission clears acquisition of GTA by Cinven and CPPIB

 The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control over GTA of Switzerland by Fifth Cinven Fund, managed by Cinven Capital Management (V) General Partner Limited ("Cinven") of the UK, and the Canada Pension Plan Investment Board ("CPPIB") of Canada. GTA is engaged in intermediation of travel services, in particular business-to-business intermediation of hotel accommodation. Cinven is a private equity firm providing investment management and investment advisory services. CPPIB is an investment management organisation which invests the funds of the Canada Pension Plan. CPPIB and Cinven jointly control the Hotelbeds Group, a travel service provider, and Travel Holdings Parent Corporation, a travel brokerage company. The Commission concluded that the proposed acquisition would raise no competition concerns given the companies' moderate combined market positions resulting from the proposed transaction and the presence of a number of strong competitors providing hotel intermediation across the EEA and at national level. The transaction 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.8520.

 

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