Acquisition of SCHUFA – Bundeskartellamt clears merger plans in bidding competition

The Bundeskartellamt has cleared two planned mergers notified for examination under merger control in the context of the ongoing bidding competition to acquire shares in SCHUFA Holding AG. The mergers that have been notified are, for one, EQT AB’s plans to acquire up to 100% of the shares and thus sole control of SCHUFA, and for another, TeamBank AG’s plans to increase its minority interest in SCHUFA.

SCHUFA is a German credit bureau. It collects information on private individuals and businesses based on which it rates their credit worthiness. This information is required by companies that grant loans, such as banks, but also by other corporate and private customers. The shares in SCHUFA are held by various banks and savings banks as well as other businesses (especially retailers).

EQT is the Swedish parent company of a group of investment funds which invest in businesses across various sectors. TeamBank is a member of the DZ Bank Group whose parent company DZ BANK AG Deutsche Zentral-Genossenschaftsbank functions as the leading institution and central bank of the cooperative banks. TeamBank is a commercial bank.

Andreas Mundt, President of the Bundeskartellamt: “Under merger control we only examine the effects of notified mergers on competition. From that point of view, both mergers had to be cleared.”

Although both merger plans are in competition with one another, it is possible under certain circumstances to notify such competing mergers for parallel review under merger control. In order to do so, the merger plans must be sufficiently well defined, among other things.

Based on the clearances granted today, both bidders are allowed to implement the acquisition in line with merger control. The outcome of the bidding competition, however, is based on entrepreneurial decisions alone.