The European Commission approved the proposed acquisition of U.K. insurance broker Capita Specialist Insurance Solutions Ltd. by private equity firms HPS Investment Partners LLC and Madison Dearborn Partners LLC.
The two private equity firms are jointly the biggest shareholders in U.K. broking groups Ardonagh Group Ltd. and Broker Network Ltd. and completed the acquisition of broker network Compass in April. The EC noted that Bristol-based Capita Specialist Insurance Solutions, currently owned by Capita Insurance Services Holdings, specializes in care, charity and school staff absence insurance.
The Commission said it concluded that the proposed transaction "would raise no competition concerns given the minor horizontal overlaps and the lack of vertical relationships between the companies' activities."
