CVC's Virgin Active acquisition cleared in EU
BRUSSELS Oct 14 (Reuters) - CVC Capital Partners secured EU approval on Friday to buy a majority stake in international health club operator Virgin Active for about 450 million pounds ($707 million).
The deal will give CVC a 51 percent stake in Virgin Active while Richard Branson's Virgin Group will continue to be a major shareholder, with a 49 percent stake.
The European Commission said in a statement the deal would not raise any competition concerns.
"Autobar and Colomer have limited market shares on their respective markets concerned and their products are not key drivers of consumer demand in health and fitness centres," the EU executive said.
CVC controls vending machine operator Autobar and cosmetics supplier Colomer, which operates in Virgin's fitness centres.
Virgin Active has 254 clubs with 1.1 million members in Britain, South Africa, Italy, Iberia and Australia.
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