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

• Jurisdiction: Ireland
• Parties: IG Group,CVC Funds
• Date: 19 August 2003
• Decision Number: M/03/025
• Decision Date: 19 August 2003
• Court: Competition and Consumer Protection Commission

Determination of the Competition Authority

Determination No. M/03/025 of the Competition Authority, dated 19 August

2003, under Section 21 of the Competition Act, 2002

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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