Press release from the Competition Council regarding the economic concentration project concerning the joint takeover of the company “Dislog Group SA” by the European Bank for Reconstruction and Development “EBRD” alongside the companies “H&S Invest Holding SA” and “SPE AIF I LP”

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 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the “summary of the operation” 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 No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• The new acquirer: “EBRD”;
• The historical shareholders: “H&S Invest Holding SA” and “SPE AIF I LP”;
• The target: “Dislog Group SA”.

Nature of the operation

• Takeover

Economic sectors concerned

• Pharmaceutical, parapharmaceutical, and food distribution industrial sector.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e. February 10, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received notification of an economic concentration operation concerning the acquisition by the European Bank for Reconstruction and Development “EBRD” of a minority stake in the share capital of the company “Dislog Group SA” resulting in joint control alongside the companies “H&S Invest Holding” and “SPE AIF I LP”.

“EBRD” is an international financial organization, headquartered in London, United Kingdom, with a mission to promote the transition to a market economy, sustainable development, and private sector growth in its operating countries by financing projects, supporting reforms, and promoting responsible investment.

“H&S Invest Holding SA” is a Moroccan investment holding company, based in Casablanca, with no commercial activities.

“SPE AIF I LP” is a Mauritian investment fund managed by “SPE Capital”, with the purpose of holding stakes in companies active in various sectors including education, health, industry, and services.

“Dislog Group SA” is a Moroccan joint-stock company, headquartered in Casablanca, active in the distribution, industrial, pharmaceutical, and parapharmaceutical sectors.

 

Done in Rabat, January 28, 2025