The Georgian Competition and Consumer Agency [GCCA] has concluded its examination of the notified concentration and has approved, as compatible with the competitive environment, the indirect acquisition by Bain Capital Investors, a leading US-based global investment firm of shares in Everllence SE, a European public limited company and subsidiary of the German automotive group Volkswagen AG. Following its assessment, the Agency found the concentration to have no significant effect on the relevant market and to be compatible with the competitive environment.

Following a thorough examination of the available information and the corresponding competitive analysis, the Agency determined that the notified transaction constitutes a conglomerate-type concentration. On this basis, no horizontal overlap arises between the activities of Bain Capital Investors and those of Everllence SE, and the level of concentration on the relevant market remains unaffected.

The Agency further established that the transaction does not enhance the parties' ability to leverage a strong market position from one market into another with a view to engaging in conduct aimed at restricting market access, and is accordingly not liable to give rise to foreclosure effects vis-à-vis competitors. On this basis, the concentration is not expected to restrict market access for competitors, consumers, or suppliers, and does not raise concerns as to a restriction of competition.

Bain Capital Investors is a global investment firm managing several hundred billion US dollars in assets across a range of strategies, including private equity, venture capital, credit, and real estate, with additional investment activity in the industrial sector.

Everllence SE, a subsidiary of the Volkswagen Group, is a major German engineering company operating in the industrial and energy sectors, specialising in the manufacture of marine and stationary engines, compressors and turbines, as well as the development of decarbonisation technologies for heavy industry.

Pursuant to the Law of Georgia on Competition, a concentration effected outside the territory of Georgia is subject to mandatory prior notification to the Agency where it produces effects on the domestic market.

FYI: In accordance with Georgian legislation, concentration is subject to notification to the Agency if the aggregate (total) joint income of its participants on the territory of Georgia, exceeds 20 million GEL and the joint income of at least two persons participating in the concentration exceeds 5 million GEL for the previous financial year. In case of bypassing the Competition Agency subject to the mandatory notification, before the Agency reviews the notification or despite the negative conclusion, the person with the obligation to submit the notification shall be fined.

In 2026, the GCCA approved a total of 12 concentrations.