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

Decision NumberM/05/060
PartiesAgilent Technologies,KKR Group,Silver Lake (Argos)
StatusPreliminary investigation (Phase 1)
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.

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