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(Alliance News) - Oakley Capital Investments Ltd said Tuesday it has decided not to proceed with acquisition of two Spanish businesses Rastreator and Acierto.
Due to challenges in completing the transaction within a reasonable timeframe, predominantly relating to antitrust complexity, Oakley Capital Private Equity III and its joint venture partners have decided not to proceed and therefore neither transaction will now complete, the investment company said.
The two deals were signed conditional upon achieving competition clearance, the company noted.
In May, Oakley Capital Investments had said it agreed to form a joint venture with Admiral Group PLC and MAPFRE SA to strengthen its insurance proposition in Spain.
The partners had planned to acquire and merge Rastreator Comparador CorredurAÂa de Seguros SL with Asesor Seguros Online SL and Asesor Consumer Services SL, two of Spain's digital brokers for insurance and other financial products.
Under the terms, Admiral and MAPFRE would have collectively retained majority ownership of the joint venture company while Oakley Capital Investments would have held a minority stake alongside management.
Completion of the transaction was subject to merger control clearance by the EU Commission as well as the approval of the Spanish insurance regulator, Oakley Capital Investments had said in May.
The stock was up 0.2% in London at 264.05 pence each on Tuesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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