Wednesday, 14 June 2023

Press Release - Clearance of a concentration

Subject: Clearance of the concentration concerning the acquisition by Elikonos 2 SCA SICAR, EOS Hellenic Renaissance Fund and Bearonem Limited of joint control over Med Frigo SA, CARGO MED SA and Med Energy.

By its Decision no 820/2023, adopted on the 13th of June 2023, the Hellenic Competition Commission (HCC), in Section, unanimously approved, pursuant to Article 8 (3) of Greek Law 3959/2011, the notified concentration concerning the acquisition by Elikonos 2 SCA SICAR, EOS Hellenic Renaissance Fund and Bearonem Limited of joint control over Med Frigo SA, CARGO MED SA and G. POULIAS – S. BRAKATSELOS O.E. (‘’Med Energy’’), within the meaning of Article 5 (2b) of Greek Law 3959/2011.

Elikonos 2 SCA Sicar and EOS Hellenic Renaissance Fund are private equity management companies mainly active in investing in Greek small and medium enterprises in all investment sectors. Bearonem Limited is a private limited liability company, that invests in Greece in real estate, in the provision of digital services in the field of tourism and in the production and supply of electricity from photovoltaic parks/systems. The target companies are active, in particular, in the logistics and freight forwarding markets. 

By its decision, the HCC has decided that competition conditions will not change as a result of the transaction under consideration, neither horizontally nor verticallyTherefore, whereas the concentration falls within the scope of article 6(1) of Greek Law 3959/2011, the HCC, by its decision, concluded that it does not raise serious concerns as to its compatibility with competition rules.

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