Case details

Ccent/2023/51 - Magma Pledgeco / Cascadeinvest*Sunseasand

Cascadeinvest, S.A.

Portuguese company active in the hotel sector in the Algarve, through the 5-star tourist resort in Lagos, Algarve, which operates under the name "Conjunto Turístico Cascade Resort”. This company is owned by Fliptrel, a public limited company also incorporated under the law Portuguese.

Magma Pledgeco S.À.R.L.

Limited liability company incorporated under Luxembourg legislation indirectly controlled by Blackstone Inc. (“Blackstone”). Blackstone is a global alternative asset manager headquartered in the United States with offices in Europe and Asia. In Portugal, it has stakes in companies present in various sectors, including construction materials, software development, environmental services, educational content, LPG, energy, optical industry, insurance and technology and hospitality, particularly in the Algarve region, through the exploration of a 5-star tourist resort in Vilamoura operating under the “Domes Lake Algarve” brand.

Sunseasand, S.A.

Portuguese company active in the hotel sector in the Algarve, through the 5-star tourist resort in Lagos, Algarve, which operates under the name "Conjunto Turístico Cascade Resort”. This company is owned by Fliptrel, a public limited company also incorporated under the law Portuguese.

Art. 37(1)(c) (Law 19)

Turnover threshold

Horizontal

Closed

Phase 1

Non-opposition

Phase I Decision - The AdC issued a non-opposition decision to the merger Magma Pledgeco / Cascadeinvest*Sunseasand.