BRUSSELS Oct 14 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.