(Finance) – The European Commission ha approvedpursuant to the EU Merger Regulation, theacquisition of joint control of EV Holdings of the UK by ADNOC Drilling Company (ADRILL) and Alpha Dhabi Holding (ADH), both of the United Arab Emirates. The transaction primarily involves support activities for oil and natural gas extraction.
The Commission concluded that the notified transaction would not raise competition concernsgiven that the joint venture has negligible activities in the European Economic Area and the limited combined market position of the companies resulting from the proposed transaction.
Last August, ADRILL and ADH announced that their joint venture Enersol has agreed to acquire EV Holdings for approximately $45 million from British private equity firm Dunedin.