Press release from the Competition Council regarding the economic concentration project concerning the indirect exclusive control acquisition of the company ‘LBT Midco Inc.’ by the company ‘FS KKR Capital Corp’ through the acquisition of all its voting rights and ordinary shares in circulation

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

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

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 issued for the implementation of Law 104-12 on freedom of prices and competition.

Names of the companies and groups concerned:

• The acquirer: ‘FS KKR Capital Corp’
• The target: ‘LBT Midco Inc’

Nature of the operation

• Acquisition of exclusive control.

Economic sectors concerned

• Linguistic technological services.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e., November 24

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration project concerning the acquisition of exclusive control by ‘FS KKR Capital Corp.,’ through the investment vehicle ‘New Lionbridge, LP,’ of all voting rights and ordinary shares in circulation of ‘LBT Midco Inc.’

‘FS KKR Capital Corp.’ is a publicly traded business development company specializing in providing customized credit solutions to private middle-market companies in the United States, and is advised by ‘FS/KKR Advisor, LLC,’ an entity jointly controlled by ‘Future Standard’ and ‘KKR & Co.’

‘Future Standard’ is a global alternative asset manager that manages over $86 billion in assets for a wide range of clients, including institutional investors, finance professionals, and individual investors. ‘Future Standard’ offers a broad range of alternative asset classes and strategies, including private equity, credit, real assets, and multi-asset investments.

‘KKR & Co.’ is a global investment firm that provides alternative asset management, capital markets, and insurance solutions. ‘KKR & Co.’ sponsors investment funds that invest in private equity, credit, and real assets and has strategic partners managing hedge funds.

‘LBT Midco Inc.’ is a company based in the United States, providing translation, localization, and managed services. ‘LBT Midco Inc.’ offers a variety of services to its international clients, including: (i) localization and translation services for various sectors globally; (ii) interpretation services (primarily for clients based in the United States); (iii) services for video games (including bug testing and cultural nuances, localization, audio services, player experience, and other related services); (iv) management services (including content creation, i.e., technical documentation production such as manuals, and product testing); (v) AI training – data creation and annotation, etc. (where human intervention is used to create or review data used to train AI models).

 

Done in Rabat on November 13, 2025