EU Commission clears joint acquisition of Conservice by Advent and TA

The European Commission has approved, under the EU Merger Regulation, the joint acquisition of Conservice LLC by Advent International Corporation (“Advent”) and TA Associates L.P (“TA”), all of the U.S.

Conservice is active in the provision of utility management and billing software to property owners, residents and utility providers in the U.S. and Canada.

Advent acquires equity stakes in companies and is active in the management of investment funds in various sectors including industrial, retail, media, communications, information technology, internet, healthcare and pharmaceuticals.

 TA is active in private investment activities in selected industries including business services, consumer, financial services, healthcare and technology. The Commission concluded that the proposed acquisition would raise no competition concerns, because Conservice has no actual or foreseen activities within the European Economic Area. The transaction was examined under the simplified merger review procedure.