PT
Autoridade da Concorrência

Case details

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Merger control
Case reference
Ccent/2023/39 - Fundo Kempner / Ativos ECS
Acquired
Assets ECS - Sociedade de Capital de Risco, SA
Description
Set of assets, including (i) seventeen 4 and 5 star hotels, spread across the North, Lisbon, Algarve and Azores regions; (ii) three golf courses in the Algarve; (iii) a shopping center located in Funchal; and (iv) two storage facilities, located in Alenquer and Vila Nova de Famalicão.
Acquiring
Davidson Kempner Capital Management LP
Description
international asset manager registered with the US Securities and Exchange Commission. DK, together with its affiliates, has over USD 39 billion in net assets under management, currently focusing on critical investment in special situations, crisis situations and merger arbitration.
Sector
  • Tourism & leisure activities 
Activity (NACE)
  • I551 - Hotels and similar establishments
Applicable legislation
Art. 37(1)(c) (Law 19)
Notification thresholds
Turnover threshold
Type of merger
Conglomerate
Cooperation with sector regulators
Status
Closed
Type of Investigation
Phase 1
AdC’s decision
Non-opposition
Case description

The merger in question consists of the acquisition, by Hospitality Living Portugal, FCR, an affiliated fund of Davidson Kempner Capital Management LP (“DK”), of exclusive control over a portfolio of hotel, residential and commercial real estate assets managed by ECS – Sociedade Gestora de Fundos de Capital de Risco, S.A. and by PTREL Management S.à.r.l. (collectively, “Acquired Assets”).
Timeline
2023-08-02
AdC adopted a decision of non-opposition in merger 39/2023 - Fundo Kempner / Ativos ECS.
2023-07-17
Kempner Fund notifies the acquisition of exclusive control over a set of ECS Assets.
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