The Finnish Competition and Consumer Authority (“FCCA”) has conditionally approved the proposed transaction between Elixia and SATS. Both Elixia and SATS are full-service fitness clubs. The FCCA assessed the transaction’s effects on competition in the market for fitness clubs in Helsinki, Espoo, Vantaa, Turku and Jyväskylä since both parties are active in these geographical markets. Based on the in-depth investigation, the FCCA found that the transaction would have significantly impeded competition in the market for full-service fitness clubs in Espoo and Vantaa most likely resulting in higher prices for the consumers. The FCCA emphasized the fact that Elixia and SATS are each other’s closest competitors and the market test showed that the customers did not see alternatives for these clubs. To address the FCCA’s concerns, Altor Fund III and TryghedsGruppen smba, both private equity funds, committed to sell SATS Iso Omena in Espoo and SATS Tikkurila in Vantaa. Therefore, the FCCA concluded that the sale of the aforementioned clubs will substantially remove the horizontal overlaps and prevent the price increases in the market for full-service fitness clubs in Espoo and Vantaa. As to Helsinki, Turku and Jyväskylä, the FCCA concluded that the proposed transaction will not significantly impede effective competition in these geographical markets since a sufficient number of other players will remain active in the aforementioned cities also after the transaction. Source: Finnish Competition and Consumer Authority Press Release 25/02/2014