Decision Nº M/05/060 from Competition and Consumer Protection Commission, 2005-10-13

• Jurisdiction: Ireland
• Decision Number: M/05/060
• Date: 13 October 2005
• Decision Date: 13 October 2005
• Parties: KKR Group,Silver Lake (Argos),Agilent Technologies
• Court: Commissioner for Environmental Information

1

Determination No. M/05/060 of the Competition Authority, dated 13th October

2005, under Section 21 of the Competition Act, 2002

Notification No. M/05/060 – Proposed acquisition of the Semiconductor Products

Group Business of Agilent Technologies Inc. by Argos Acquisition Pte. Limited

Introduction

1. On 13th September 2005 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 Argos Acquisition Pte. Limited (“Argos”) would

acquire the Semiconductor Products Group Business (“the Semiconductor

Business”) of Agilent Technologies Inc.

The Parties

2. Argos is a special purpose vehicle which is jointly controlled by funds of Silver

Lake Partners (“Silver Lake”) and KKR Group (“KKR”). KKR makes equity

investments in management buy-outs on behalf of itself and its investors either

through controlling ownership or strategic minority positions in companies

operating in different sectors of the economy. It has operations around the world

and its turnover in Ireland in 2004 was c. €[50-100]m.

3. Silver Lake is a private equity firm with offices in the United States and the UK

that focuses on investments in technology and related growth industries.

Specifically, Silver Lake focuses on large-scale minority investments in

technology firms. [It controls one company, which does not have sales into

Ireland].

4. The Semiconductor Business supplies semiconductor components and is based in

California. In 2004 it achieved sales in Ireland of c. €[0-5]m.

Analysis

5. None of the companies controlled by KKR are active either horizontally or

vertically in the same business areas as the Semiconductor Business.