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MERGERS: AMO SR approved the merger of Bancroft and TIP Group

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On October 23, 2014 the Antimonopoly Office of the Slovak Republic, Division of Concentrations approved the merger through which the undertaking Bancroft Private Equity GmbH & Co KG, seated in Schottengasse 1, 1010 Vienna, Austria acquired indirect exclusive control over the undertakings SENECA TOURS, spol.  s r.o., Lichnerova 40, 903 01 Senec, Koala Tours, a.s., Dunajská 8, 811 08 Bratislava, TIP travel a.s., Teplická 74, 921 01 Piešťany, TATRATOUR, a.s., Mickiewiczova 2, 811 07 Bratislava and Mediterranean Travel Services Ltd, seated in 114/3 The Strand, GZR 1027 Gzira, Malta.

Bancroft is an independent company managing the investments and two investment funds (Bancroft 2 L.P. and Bancroft 3 L.P.). Portfolio of company Bancroft 2 L.P. includes the company Eko Finans Factoring Hiymetleri A.S. (Turkey). Companies belonging to Bancroft 3 L.P. are Kayalar Kimya (Turkey), Dumagas Transport (Romania), CityEX (Croatia), Graniser (Turkey) and DLT Turizm ve Ticaret operating under the trademark Tatilsepeti (Turkey).

Companies of target group TIP belong to one economic group and are jointly controlled. TIP Group makes business in the area of tourism both in the Slovak Republic and in the Czech Republic. These companies act as travel agencies in the market of providing short distance foreign tours, mainly to the Mediterranean area. Company Mediterranean Travel Services Ltd, seated in Malta makes accommodation bookings in the Mediterranean area.

Within the investment fund Bancroft 3 L.P. only the company DLT Turizm ve Ticaret acts in the tourism sector, operates the Internet portal under the trademark Tatilsepeti, through which it provides services of travel agencies exclusively to its clients in Turkey.

The Office did not make a specific definition of product and geographic relevant markets since neither horizontal nor vertical overlap between the activities of undertakings concerned has been identified in the Slovak Republic.

After evaluating all of the documents and information gathered, the Office concluded that the concentration at case would not significantly impede effective competition in the relevant market, in particular through the creation or strengthening of a dominant position, therefore the Office approved the concentration.

Decision came into force on 24 October 2014.