|EUROPEAN COMMISSION |

Brussels , 18.5.2010

SG-Greffe(2010)D/7078/7079/7080

C(2010)3269

PUBLIC VERSION

MERGER PROCEDURE ARTICLE 6(1)(b) DECISION

SIMPLIFIED PROCEDURE

To the notifying parties:

Dear Madam(s) and/or Sir(s),

Subject: Case No COMP/M.5852 - OAK HILL CAPITAL PARTNERS/ PRIVATE EQUITY/ AVOLON Notification of 12.04.2010 pursuant to Article 4 of Council Regulation (EC) No 139/2004 [1] Publication in the Official Journal of the European Union No C99, 17.04.2010, p.38

1. On 12.04.2010, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which Oak Hill Capital Partners ("Oak Hill", USA), Cinven Limited ("Cinven", UK) and CVC Capital Partners SICAV-FIS S.A. ("CVC", Luxembourg) acquire within the meaning of Article 3(1)(b) of the EC Merger Regulation joint control of Avolon Aerospace Limited ("Avolon", Ireland) by way of purchase of shares in a newly created company constituting a joint venture.

2. The business activities of the undertakings concerned are:

- for Oak Hill: management of private equity capital;

- for Cinven: provision of investment management and advisory services to a number of investment funds;

- for CVC: advice to and management of investment funds; and

- for Avolon: provision of aircraft operating leasing services.

3. After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(c) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004 [2] .

4. For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation.

For the European Commission, (signed) Alexander ITALIANER Director General

[1]OJ L 24, 29.1.2004, p. 1 ("the Merger Regulation"). With effect from 1 December 2009,?the Treaty on the Functioning of the European Union ("TFEU") has introduced certain changes, such as the replacement of "Community" by "Union" and "common market" by "internal market". The terminology of the TFEU will be used throughout this decision.

[2] OJ C 56, 5.3.2005, p. 32.