Apollo Management of New York and CVC Capital Partners Ltd. of London received European Union regulatory approval to acquire Brit Insurance, Reuters reported. The European Commission said the transaction did not raise any competition concerns because of their very small business overlaps. Brit Insurance accepted a buyout offer from the two private equity shops in October and the deal values the insurer at up to 888 million pounds ($1.4 billion).
(Reuters) – Buyout firms Apollo Management and CVC Capital Partners secured European Union regulatory clearance on Thursday to acquire Brit Insurance (BRE.L: Quote, Profile, Research, Stock Buzz).
The European Commission, the EU competition watchdog, said its investigation had shown that the acquisition of Brit Insurance by Apollo and CVC did not raise any competition concerns because of their very small business overlaps.
“The Commission also examined two potential overlaps between the portfolio of companies of CVC and Apollo in markets wholly unrelated to those where Brit Insurance is active. It concluded that these virtual overlaps do not result in any spill-over effects,” the Commission added in a statement.
(Reporting by Pete Harrison)