Decision Nº M/20/003 from Competition and Consumer Protection Commission,

• Jurisdiction: Ireland
• Court: Commissioner for Environmental Information
• Decision Number: M/20/003
• Parties: Link Group,Pepper

Merger Notification No. M/20/003 – Link Group/Pepper

MERGER ANNOUNCEMENT – M/20/003

Section 21 of the Competition Act 2002

Proposed acquisition of sole control by Link Group Administration Limited of

Pepper Ireland Finance Holdings Limited, Pepper Cyprus Holdings Limited, Pepper

(UK) Limited and Pepper Spanish Servicing S.L.U.

Dated 22 July 2020

The Competition and Consumer Protection Commission (CCPC) has decided to carry out a

full (Phase 2) investigation into the proposed acquisition by Link Group Administration

Limited (“Link”) of sole control of Pepper Ireland Finance Holdings Limited, Pepper Cyprus

Holdings Limited, Pepper (UK) Limited and Pepper Spanish Servicing S.L.U (collectively

“Pepper”) (the “Proposed Transaction”).

Following a preliminary investigation, the CCPC has determined that a full investigation is

required to establish whether or not the Proposed Transaction could lead to a substantial

lessening of competition in any market for goods or services in the State. The CCPC will

publish the reasons for its determination to proceed to Phase 2 no later than 60 working

days after the date of the determination and after allowing the parties the opportunity to

request that confidential information be removed from the published version.

Interested parties are invited to make submissions no later than 4.30pm on 13 August

2020, by email to mergers@ccpc.ie.

Additional Information

Link Group Administration Limited is a 100% owned subsidiary of Link Administration

Holdings Limited (“Link Group”), a publicly listed company on the Australian Stock

Exchange. Link Group is a multinational provider of technology-led financial administration

solutions (e.g., pension and fund administration). In the State, Link is active in the provision

of corporate market services such as shareholder communications and investor relations,

as well as fund solutions and outsourced financial services including outsourced credit

management services.

Pepper is a wholly-owned standalone business within Pepper Group Pty Limited (“Pepper

Group”). Pepper Group is an international consumer finance business, third party loan

servicer and asset manager. In the State, Pepper is active in the provision of asset

management and advisory services and outsourced credit management services.