European Commission (EC) authorities have approved, through the EU Merger Regulation, the acquisition of joint control over a newly created joint venture by Volkswagen Financial Services (VWFS) of Germany and Semler Gruppen of Denmark.
The joint venture will provide financial services, including financing and leasing of vehicles to customers, dealer financing and related services in Denmark.
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VWFS provides financial services, mainly relating to the distribution of passenger cars and light commercial vehicles of the Volkswagen group.
Semler is active in the import, wholesale and retail sale of passenger cars, light commercial vehicles and motorcycles through the Volkswagen, Audi, Škoda, Seat, Porsche, Lotus, Lamborghini, Bentley and Ducati brands.
The Commission concluded the proposed acquisition would raise no competition concerns, given the fact the joint venture will have negligible activities in the European Economic Area, the lack of horizontal overlaps and the limited vertical links between the activities of the companies.
The transaction was examined under the simplified merger review procedure.
