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EC Clears Acquisition of Grupo Gallardo Balboa by KKR

Steel News - Published on Wed, 21 Aug 2019

Image Source: Wikipedia
The European Commission has approved, under the EU Merger Regulation, the acquisition of control of Grupo Gallardo Balboa SLU of Spain by KKR & Co Inc of the US. Grupo Gallardo Balboa is the holding company of various steelmaking corporations that manufacture corrugated steel. KKR is a global investment firm. The Commission concluded that the proposed transaction would raise no competition concerns given the minimal horizontal overlaps and vertical links between the activities of the companies. The transaction was examined under the simplified merger review procedure.

On 12 July 2019, KKR & Co Inc, a corporation registered in the State of Delaware, United States of America, notified its intention to acquire indirect sole control of Grupo Gallardo Balboa SLU, a private company registered in Spain, within the meaning of Article 3(1 )(b) of the EU Merger Regulation. The areas of activities of the undertakings concerned by the notified concentration are as follows:
(i) KKR is a global investment firm which offers a broad range of alternative asset management services to public and private market investors and provides capital markets solutions for the firm, its portfolio companies and its clients;
(ii) Spanish HoldCo is a holding company, headquartered in Spain, for various steelmaking corporations that manufacture corrugated steel. Through its operating companies, it has factories throughout Spanish communities including Extremadura, Madrid, Asturias and Pais Vasco.

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Posted By : Sanju Moirangthem on Wed, 21 Aug 2019
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