Press release from the Competition Council regarding the economic concentration concerning the acquisition of shares in the company “Userguest BV” by the companies “CDG Invest SA” and “Al Mada Venture CAP”

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the “summary of the transaction” below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed transaction.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• Acquirer No. 1: Company “CDG Invest SA”;
• Acquirer No. 2: Fund “Al Mada Venture CAP”;
• The target: Company “Userguest BV”.

Nature of the transaction

• Takeover

Economic sectors concerned

• The market for IT services for hotel establishments.

Deadline for interested third parties to submit their comments

• 10 days from the date of publication of this press release, i.e. September 16, 2024.

NON-CONFIDENTIAL SUMMARY OF THE TRANSACTION

The Competition Council has received notification of the economic concentration concerning the acquisition of shares in the company “Userguest BV” by “Al Mada Venture Cap” on one hand, and “CDG Invest” on the other hand, which strengthens its stake in this company through this transaction (after making an initial investment in it in May 2020).

“CDG Invest SA” is a Moroccan joint-stock company, active in the investment sector and management of private equity funds.

“Al Mada Ventures Cap” is an investment fund dedicated to technological innovation, primarily supporting startups operating on the African continent.

“Userguest BV” is a Dutch startup that mainly markets IT services for hotel establishments.

 

Done in Rabat on September 5, 2024.