The European Union has given regulatory approval to U.S. buyout firm TPG and the private equity unit of Goldman Sachs to buy Belgian diaper maker Ontex from Candover, another private equity firm. The deal will cost EUR1.2 billion ($1.64 billion), making it the largest European buyout this year.
(Reuters) – U.S. buyout firm TPG [TPG.UL] and the private equity unit of Goldman Sachs gained European Union regulatory approval on Friday to acquire diaper-maker Ontex from rival Candover .
TPG and Goldman Sachs had unveiled the 1.2 billion euro ($1.64 billion) deal, which includes debt, in July, making it the largest European buyout to date this year.
“After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it,” the European Commission said in a statement.
Private equity firms are deploying hundreds of billions of dollars in unspent funds in so-called secondary buyouts.
Belgium-based Ontex makes private-label hygiene products including diapers and wipes.
(Reporting by Timothy Heritage, editing by Philip Blenkinsop)