On 18 October 2018, the Finnish Competition and Consumer Authority (FCCA) approved the transaction where Terra Firma Special Opportunities Fund IV, L.P., Aurora Modular S.a.r.l and Sun Hung Kai & Co. Limited acquired joint control of Parmaco Oy.
Terra Firma Special Opportunities Fund IV, L.P. is part of the portfolio of the British private equity investor Terra Firma Group. Aurora Modular S.à.r.l. is a company that has been established for the acquisition; control in the company is exercised by Metric Capital Partners LLP. Sun Hung Kai & Co. Limited is a private equity investor with head office in Hong Kong.
Parmaco Oy is the parent company of the Parmaco Group, which rents space solutions it has specifically designed and constructed to meet customer needs, such as day care, school, office and nursing home premises, to the public sector, private companies and the industry.
The FCCA has concluded that the acquisition will not significantly impede effective competition on the Finnish market. The parties to the transaction do not have overlapping operations on the Finnish market or vertical relationships.
The FCCA’s decision includes business secrets of the parties involved. The decision will be published once the business secrets have been removed.
Further information: Senior Research Officer Anu Ala-Outinen, tel. +358 (0)29 505 3010, email firstname.lastname@example.org
According to the Competition Act, the FCCA must be notified of the transaction if the combined turnover of the parties to the corporate transaction exceeds 350 million euros and the turnover from Finland of at least two of the parties exceeds a combined total of 20 million euros. The FCCA will approve a corporate transaction if it has none of the harmful impacts referred to in the Competition Act. The FCCA will intervene in corporate transactions if its investigations suggest that the acquisition substantially impedes effective competition on Finnish markets or a substantial part of the markets, particularly through the creation or reinforcement of a dominant market position.
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