Decision CPC 55_2021

ΚΥΠΡΙΑΚΗ ΔΗΜΟΚΡΑΤΙΑ Decision CPC: 55/2021 Case Number: 08.05.001.021.046 THE CONTROL OF CONCENTRATIONS BETWEEN ENTERPRISES LAW No. 83(Ι)/2014 Notification of a concentration concerning the acquisition of Diamondback Acquisition, Inc., by The Blackstone Group Inc., via Spark Topco Inc. and Spark Acquisition Sub Inc. Commission for the Protection of Competition: Mrs. Loukia Christodoulou, Chairperson Mr. Panayiotis Ousta Member Mr. Aristos Aristeidou Palouzas Member Mr. Andreas Karydis Member Date of Decision: 30th of July 2021 SUMMARY OF THE DECISION On 22/07/2021, the Commission for the Protection of Competition (hereinafter the “Commission”) received on behalf of The Blackstone Group Inc., a notification of a proposed concentration. The notification was filed according to Section 10 of the Control of Concentrations between Enterprises Law 83(I)/14 (hereinafter the “Law”). The notification concerns a concentration, according to which, the investment funds which are consulted or managed by the affiliated companies of The Blackstone Group Inc (together with any of the affiliated companies or affiliated investment funds as the case may be (hereinafter the “Blackstone”), will acquire the Diamondback Acquisition, Inc. (hereinafter the “Target”) via Spark Topco Inc. (hereinafter “Spark Topco”) and Spark Acquisition Sub Inc. (hereinafter “Spark Acquisition Sub”).  Blackstone is a global alternative asset manager. It operates as an investment management company. Each company in the Blackstone 1 investment portfolio is subject to separate management and financing and each has different investors. Each Blackstone portfolio company has its own board of directors, which often includes representatives of Blackstone.  Spark Topco and Spark Acquisition Sub are special purpose vehicles which ae controlled by Blackstone.  Diamondback Acquisition, Inc. or the Target is the ultimate holding company of Sphera Solutions, Inc. and its subsidiaries (hereinafter together the “Sphera”). Sphera is a global provider of integrated risk management software and related information services with a focus on Environmental, Social, and Corporate Governance (“ESG”), Performance and Operational Risk, and Product Stewardship. The concentration is based on an Agreement and Plan of Merger dated 02/07/2021 (hereinafter “Agreement”) between Diamondback Acquisition, Inc., Spark Topco Inc., Spark Acquisition Sub Inc. and Shareholder Representative Services LLC, as a representative of the sellers. Based on this Agreement, Spark Acquisition Sub will be merged with and into the Target. Then, the Target will be the wholly subsidiary of Spark Topco. As a result, Blackstone will acquire the Target via Spark Topco. The Commission, taking into account the facts of the concentration, has concluded that this transaction constitutes a concentration within the meaning of section 6