The European Commission (EC) has approved the acquisition of RiverStone Europe by CVC Strategic Opportunities Fund II, a vehicle owned and operated by CVC Capital Partners, for a purchase price of USD 750 million.
The announcement, which was made in December, also noted that RiverStone Europe, which was previously owned by Fairfax Financial Holdings, will also be entitled to receive up to USD 235.7 million post-closing under a contingent value instrument.
Riverstone Europe is active in the management of run-off insurance businesses and portfolios. CVC and/or its subsidiaries manage investment funds and platforms.
The Commission concluded that the proposed acquisition would raise no competition concerns, given the limited overlaps between Riverstone Europe and CVC’s portfolio entities and their low combined market shares.