Spain economy

Link’s € 200million merger with parent company Pepper Ireland must be investigated

The € 200 million merger between Australian company Link Group and the immediate parent company of Pepper Ireland has been fully investigated.

The Competition and Consumer Protection Commission (CCPC) said the investigation was necessary to determine whether it could lead to a substantial decrease in competition in the state.

Link announced his intention to take control of Pepper Servicing Europe – whose subsidiaries include Pepper Ireland Finance Holdings, Pepper Cyprus Holdings Limited, Pepper (UK) Limited and Pepper Spanish Servicing – in January.

The CCPC said it would publish the reasons for its decision to proceed with a Phase II investigation within 60 days and after giving the two companies the opportunity to request that confidential information be removed from the published version.

Pepper Ireland saw a 25% increase in revenue to 52 million euros the year before its sale thanks to an increase in the number of loan portfolios it manages.

Among the loan portfolios taken out during the year were the Omni portfolio, made up of € 2.3 billion in loans issued by ACCBank, and PTSB’s Glenbeigh portfolio, which included € 1.3 billion in loans. residential mortgages.

Pepper also got a mandate to manage the € 800 million Deenish loan portfolio which was sold by Ulster Bank to CarVal at the end of last year.