The Diplomat
The European Commission yesterday approved under the EU Merger Regulation the acquisition of joint control of Universo IME S.A. by Sonae SGPS S.A. (both of Portugal) and Bankinter Consumer Finance E.F.C. S.A. (“BKCF”) of Spain, according to a press release from its Permanent Representation in Spain.
Universo IME is active in consumer payment services, credit intermediation for consumer loans granted by third parties and merchant acquiring services for retailers. Sonae is active mainly in food and non-food retail, consumer finance and insurance. BKCF is mainly active in retail banking.
The Commission concluded that the proposed acquisition would not raise competition concerns, given the limited horizontal overlaps and vertical links between the activities of Sonae and BKCF in the European Economic Area. The transaction was examined under the simplified merger review procedure.
