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EC approves Cinven acquisition of CPA.

The EC has accepted the proposed acquisition of CPA by Cinven.

16 March 2012

Negotiation techniques could have helped private equity group Cinven recently, as the European Commission (EC) has approved the organisation's proposed acquisition of patent renewal professionals George Topco (CPA).

The EC noted there appears to be no overlap between CPA's operations and the other enterprises within Cinven's portfolio, although it considered the possibility that CPA's competitors might miss out on clients that are owned by Cinven.

Furthermore, it took into account the prospect of CPA providing Cinven's portfolio companies' rivals with a poor service or no business at all.

However, it accepted these scenarios are unlikely to occur and CPA has enough remaining competitors for the market to be serviced by any of these substitutions.

"CPA Global is an exciting primary opportunity to invest in a global leader in a market with defensive qualities and attractive growth prospects," Cinven partner Stuart McAlpine recently said.

He argued it has achieved an "exceptional financial performance and is highly cash generative".

Posted by David Gleck

Source: EC press release, March 15th

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