Decision Nº M/03/025 from Competition and Consumer Protection Commission, 2003-08-19

CourtCompetition and Consumer Protection Commission (Ire)
PartiesIG Group,CVC Funds
Date19 August 2003
Decision NumberM/03/025
StatusCleared (Phase 1)
Decision Date19 August 2003
Determination of the Competition Authority
Determination No. M/03/025 of the Competition Authority, dated 19 August
Notification No. M/03/025 – The acquisition by IG Group Holdings Limited, a
vehicle company controlled by the “CVC Funds”, of the entire issued share
capital of IG Group plc.
Introduction
1. On 30 July 2003 the Competition Authority, in accordance with Section 18(1) of
the Competition Act, 2002 (“the Act”) was notified, on a mandatory basis, of a
proposal whereby IG Group Holdings Limited, a vehicle company controlled by
the “CVC Funds”, would acquire the entire issued share capital of IG Group plc.
The Parties
2. IG Group Holdings Limited (“IGGHL”) is a special purpose vehicle company
formed specifically for the purpose of making the offer for IG Group plc. Post-
transaction, the share capital of IGGHL will be controlled by the “CVC Funds”.
3. The CVC Funds comprise:
- Citicorp Capital Investors Europe Limited,
- CVC European Equity Partners III L.P.,
- CVC European Equity Partners III Parallel Fund A L.P.,
- CVC European Equity Partners III Parallel Fund B L.P.,
- CVC Europe Enterprise (Domestic) L.P., CVC Europe Enterprise (Cayman)
L.P., and
- Citi-Europe Co-Invest L.P.
Citicorp Capital Investors Europe Limited is a wholly-owned subsidiary of the
CVC Group.* The remaining funds are individual limited partnerships owned by
investors. They are managed by CVC European Equity III Limited, a wholly-
owned subsidiary of the CVC Group.
4. IG Group plc is the holding company of a group whose principal businesses are
(a) spread betting: offering clients the opportunity to bet on a wide range of
financial markets and sports events, and (b) financial derivative trading activities,
which include foreign exchange trading and contracts for differences. Spread
betting clients are mainly private individuals. Derivative trading clients are
experienced individual investors and smaller institutions.
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