The EC has cleared the acquisition of joint control over Bulgarian Huvepharma by Citigroup Venture Capital International Investment G.P. Limited (of Jersey) and Advance Properties, a Bulgarian investment company.

Huvepharma is predominantly active in animal health and nutrition markets, but also manufactures active pharmaceutical ingredients (APIs) for human health products.

The transaction does not meet the turnover thresholds of the Merger Regulation but would have required notification in more than three Member States. The parties therefore requested a referral of the case to the Commission pursuant to Article 4(5) of the Merger Regulation. Since none of the Member States concerned objected to the referral, the transaction is deemed to have an EU dimension and has been notified to the Commission. The parties' activities do not overlap, and the vertical effects between Huvepharma's business in some API markets and the activities of Citgroup fund companies in certain pharmaceutical markets downstream are extremely limited.

Consequently, the Commission has granted clearance to the transaction.