Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 20 of 2022
Financial Sector (Shareholdings) Act 1998
To: The Existing Approval Holders named in Schedule 1 and the Applicants named in Schedule 2
Since:
A. On 10 June 2022, the Existing Approval Holders were granted approval under paragraph 14(1)(a) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in Domestic & General Insurance Plc ABN 11 124 040 768 (Domestic & General Insurance), an authorised insurance company, and the financial sector companies of Domestic & General Insurance (the Existing Approval1);
B. On 13 October 2022, the Existing Approval Holders requested that the Existing Approval be revoked;
C. On 13 October 2022, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in Domestic & General Insurance and each of the financial sector companies set out in Schedule 3; and
D. I am satisfied it is in the national interest for each of the Applicants to hold a stake in Domestic & General Insurance and each of the financial sector companies set out in Schedule 3 of more than 20%,
I, Sharyn Reichstein, a delegate of the Treasurer:
(a) under subsection 18(3) of the Act, revoke the Existing Approval on and from 31 October 2022; and
(b) under paragraph 14(1)(a) of the Act, approve each of the Applicants to hold a 100% stake in Domestic & General Insurance and each of the financial sector companies set out in Schedule 3.
This approval commences on the day it is made and remains in force indefinitely. Date: 27 October 2022
1 Registration number F2022N00131.
Schedule 1 – the Existing Approval Holders
1. CVC Nominees Limited (Registered no. 98888);
2. CVC Capital Partners SICAV-FIS S.A. (Registered no. B138220);
3. CVC Capital Partners 2013 PCC (Registered no. 108317);
4. CVC Holdings Limited (Registered no. 140080);
5. CVC Management Holdings II Limited (Registered no. 135003);
6. CVC Capital Partners Fund Holdings II Limited (Registered no. 136889);
7. CVC Capital Partners VII Limited (Registered no. RC122497);
8. CVC Capital Partners Investment Europe VII L.P. (Registered no. LP2334);
9. CVC Capital Partners VII (A) L.P. (Registered no. LP2333);
10. CVC Capital Partners VII Associates L.P. (Registered no. LP2440);
11. Opal Galaxy Holdings Limited. (Registered no. RC129317, Jersey);
12. Opal Galaxy Topco Limited (Registered no. RC129472, Jersey);
13. Opal Galaxy Holdco Limited (Registered no. RC129473, Jersey);
14. Opal Galaxy Finco Limited (Registered no. RC129318, Jersey);
15. Opal Galaxy Bidco Limited (Registered no. RC129319, Jersey);
16. Domestic & General Limited (Registered no. 113707, Jersey);
17. Galaxy Midco 2 Limited (Registered no. 113708, Jersey);
18. Galaxy Finco Limited (Registered no. 113706, Jersey);
19. Galaxy Bidco Limited (Registered no. 113705, Jersey);
20. Domestic & General Group Holdings Limited (Registered no. 98460, Jersey);
21. Domestic & General Finance 1 Limited (Registered no. 98462, Jersey);
22. Domestic & General Finance 2 Limited (Registered no. 98463, Jersey);
23. Domestic & General Acquisitions Holdings Limited (Registered no. 98464, Jersey);
24. Domestic & General Acquisitions Limited (Registered no. 98513, Jersey);
25. Domestic & General Group Limited (Registered no. 1156896, UK);
26. Abu Dhabi Investment Authority (LEI no. J1Y4PL5OEWM2K0OMTW95);
27. Silver Holdings S.A. (LEI no. 222100D1GIMIQH763G11); and
28. Luxinva S.A. (LEI no. 222100M3SSS7X8LR6168).
Note: Where indicated the place of incorporation of each of the companies in Schedule 1 appears in the brackets after the name of the company.
Schedule 2 – the Applicants
1. CVC Nominees Limited (Registered no. 98888, Jersey);
2. CVC Capital Partners SICAV-FIS S.A. (Registered no. B138220, Luxembourg);
3. CVC Capital Partners 2013 PCC (Registered no. 108317, Jersey);
4. CVC MMXII Limited (Registered no. 108722, Jersey);
5. CVC Portfolio Holdings Limited (Registered no. RC110154, Jersey);
6. CVC Management Holdings Limited (Registered no. RC121677, Jersey);
7. CVC Group Holdings L.P. (Registered no. 1395, Jersey);
8. CVC Capital Partners Fund Holdings Limited (Registered no. 132086, Jersey);
9. CVC Capital Partners VII Limited (Registered no. RC122497, Jersey);
10. CVC Capital Partners Investment Europe VII L.P. (Registered no. LP2334, Jersey);
11. CVC Capital Partners VII (A) L.P. (Registered no. LP2333, Jersey);
12. CVC Capital Partners VII Associates L.P. (Registered no. LP2440, Jersey);
13. Opal Galaxy Holdings Limited (Registered no. RC129317, Jersey);
14. Opal Galaxy Topco Limited (Registered no. RC129472, Jersey);
15. Opal Galaxy Holdco Limited (Registered no. RC129473, Jersey);
16. Opal Galaxy Finco Limited (Registered no. RC129318, Jersey);
17. Opal Galaxy Bidco Limited (Registered no. RC129319, Jersey);
18. Domestic & General Limited (Registered no. 113707, Jersey);
19. Galaxy Midco 2 Limited (Registered no. 113708, Jersey);
20. Galaxy Finco Limited (Registered no. 113706, Jersey);
21. Galaxy Bidco Limited (Registered no. 113705, Jersey);
22. Domestic & General Group Holdings Limited (Registered no. 98460, Jersey);
23. Domestic & General Finance 1 Limited (Registered no. 98462, Jersey);
24. Domestic & General Finance 2 Limited (Registered no. 98463, Jersey);
25. Domestic & General Acquisitions Holdings Limited (Registered no. 98464, Jersey);
26. Domestic & General Acquisitions Limited (Registered no. 98513, Jersey);
27. Domestic & General Group Limited (Registered no. 1156896, UK);
28. Abu Dhabi Investment Authority (LEI no. J1Y4PL5OEWM2K0OMTW95, Abu Dhabi);
29. Silver Holdings S.A. (LEI no. 222100D1GIMIQH763G11, Luxembourg);
30. Luxinva S.A. (LEI no. 222100M3SSS7X8LR6168, Luxembourg);
31. CVC Holdings Limited (Registered no. 140080, Jersey);
32. CVC Management Holdings II Limited (Registered no. 135003, Jersey); and
33. CVC Capital Partners Fund Holdings II Limited (Registered no. 136889, Jersey).
Note: Where indicated the place of incorporation of each of the companies in Schedule 2 appears in the brackets after the name of the company.
Schedule 3 – the financial sector companies in addition to Domestic & General Insurance
1. Opal Galaxy Topco Limited (Registered no. RC129472, Jersey);
2. Opal Galaxy Holdco Limited (Registered no. RC129473, Jersey);
3. Opal Galaxy Finco Limited (Registered no. RC129318, Jersey);
4. Opal Galaxy Bidco Limited (Registered no. RC129319, Jersey);
5. Domestic & General Limited ((Registered no. 113707, Jersey);
6. Galaxy Midco 2 Limited (Registered no. 113708, Jersey);
7. Galaxy Finco Limited (Registered no. 113706, Jersey);
8. Galaxy Bidco Limited (Registered no. 113705, Jersey);
9. Domestic & General Group Holdings Limited (Registered no. 98460, Jersey);
10. Domestic & General Finance 1 Limited (Registered no. 98462, Jersey);
11. Domestic & General Finance 2 Limited (Registered no. 98463, Jersey);
12. Domestic & General Acquisitions Holdings Limited (Registered no. 98464, Jersey);
13. Domestic & General Acquisitions Limited (Registered no. 98513, Jersey); and
14. Domestic & General Group Limited (Registered no. 1156896, UK).
Note: Where indicated the place of incorporation of each of the companies in Schedule 3 appears in the brackets after the name of the company.