Decision Nº M/07/044 from Competition and Consumer Protection Commission, 2007-09-13

Decision NumberM/07/044
Decision Date13 September 2007
Date13 September 2007
PartiesGlobal Refund Holdings BV/ Gallaropoli BV,Barclays Private Equity Limited
StatusCleared (Phase 1)
Merger Notification M/07/044 – Barclays/Global Refund
1
DETERMINATION OF MERGER NOTIFICATION M/07/044 –
BARCLAYS/GLOBAL REFUND
Section 21 of the Competition Act 2002
Proposed acquisition b y Troyglade Limited of Global Refund Holdings
BV and Gallaropoli BV
Dated 13/09/07
Introduction
1. On 17 August 2007 the Competition Authority (“the Authority”), in
accordance with section 18(1) of the Competition Act, 2002 (“the Act”)
was notified, on a mandatory basis, of a proposa l whereby Troyglade
Limited (“Tro yglade”) would acquire a majority shareholding in Global
Refund Holdings BV and Gallaropoli BV
1
(collectively “Global Refund”)).
The Undertakings Involved
2. Troyglade, the acquirer, is an ac quisition vehicle which was set up for
the sole purpose of this transaction and was established by funds
owned by Barclays Private Equ ity Limited (“BPE”). BPE is part of
Barclays Capital (“Barclays Capital”) which is in turn the global
investment banking division of the Barclays Bank PLC gr oup of
companies (“Barclays Group”). BPE provides equity finance to
privately owned b usinesses and equity funding to privately financed
infrastructure projects.
3. The worldwide turnover of the Barclays Group for the financial year
ending 31 December, 2006 was [.] and its turnover in the State for
the same financial was [.].
4. Global refund, the target, provides VAT refund services t hrough it ‘Tax
Free S hopping’ business and currency c onversion services through its
‘First Currency Choice’ business in 37 countri es.
5. Global refund has four subsidiaries in the State:
Global Refund Holdings Limited;
Global Refunds Ireland Limited;
European Data Processing Limited; and,
Dinaview Limited.
2
6. The worldwide turnover of Global Refund for the financial year ending
31 March, 2006 was [.]. For the financial year ending 31 Marc h 2007
its turnover in the State was [.]. This was generated entirely from
royalty fees paid by a separate and independent company operating in
1
Gallaropoli is
[.]
.
2
Global Refund Holdings Limited, Global Refunds Ireland Limited and European Data Processing
Limited
[.]
while Dinaview Limited is a dormant company.

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