Avantcard/Tesco Bank
Transaction details
The proposed acquisition by Avantcard Designated Activity Company of sole control of certain assets of Tesco Personal Finance PLC (T/A Tesco Bank) has been cleared by the Competition and Consumer Protection Commission.
Case details
- Notification date:15 April 2018
- Publication date:15 April 2018
- Economic sector:Financial and insurance services - L
- Economic sub-sector:Financial services (non-insurance) - L.64
- Outcome:Cleared
Documents
M.18.030 Merger AnnouncementPDF | 106 KBM.18.030 Merger Announcement PDF | 106 KB - Opens in new window
M.18.030 DeterminationPDF | 167 KBM.18.030 Determination PDF | 167 KB - Opens in new window
Timetable
Parties Involved
Avantcard Designated Activity Company
Avantcard Designated Activity Company is a specialist consumer finance business, providing credit cards and personal loans to customers in the State. Avantcard Designated Activity Company is owned by EVO Banco SAU, which in turn is ultimately owned and controlled by investment funds managed by affiliates of Apollo Management L.P.
Tesco Personal Finance PLC
Tesco Personal Finance PLC (T/A Tesco Bank) provides financial services and products (including mortgages) to private and business customers in the United Kingdom. The target assets comprise a portfolio of performing credit card receivables and the contracts and goodwill that go with them arising from the credit card business of Tesco Personal Finance PLC (T/A Tesco Bank) in the State.
Contacts
Barry O'Donnell barryodonnell@ccpc.ie
