2408006 Informal Interpretation

Sheinberg, Samuel I.
From: 	HSRHe lp
Sent: 	Thursday, August 29, 2024 11 :22 AM
To: 	Wa lsh, Kathryn E.; Berg, Karen E.; Mus ick, Vesse li na; Shaffer, Kr ist in; She in berg, Samue l I. ;
Six, Anne; Fetterman, Miche lle; Burton, June; Larso n, Pete r
Subject: 	FW: In formal Interpretation Request
From: Whitehead, Nora <n wh itehead@ftc.gov>
Sent: Thursda y, Augu st 29, 20 24 11: 21:39 AM (UTC-05:00) Easte rn Time (US & Ca nada )
To:
Cc: HSRHe lp <HSRHelp @ftc.gov>
Subject: RE: Infor ma l Interpretation Request
For the circumstances you describe, there w ou ld be t w o separate set s of fi lings, each w i th the appropr iate fee. Plea se
note in the cov er letter and Item 3a that the sets of fi lings should be review ed together.
From: HSRHelp <HSRHe lp@ft c. gov>
Sent: Tuesday, August 27, 2024 3:48 PM
To: Walsh , Kathryn E. <kw alsh@ftc.gov>; Berg, Karen E. <KBERG @ftc.gov>; Mu sick, Vesse lina <v mu sic k@ft c.gov>;
Shaffer, Kristin <ks haffer @ftc.gov>; Sheinberg, Samuel I. <SSHEINBERG@ftc.gov>; Six, Anne <as i x@ ftc.gov>; W hitehead,
Nora <nwhi tehead @ftc.gov>; Fetterman, Michel le <mfetterman @ft c.gov>; Burton , June <jburton @ftc.gov>; Larson,
Peter <plarson @ftc .gov>
Subject: FW : Informa l Interpretat i on Request
From:
Sent: Tuesda y, Augu st 27 , 2024 3:48 :07 PM ( UTC-05:00) Easte rn Time ( US & Canada )
To: HSRHelp <HSRHe lp@ftc.gov>
Cc:
Subject: Infor mal Interpretation Request
PNOTeam,
We are wri ting to confirm the partie s' fi ling ob ligations for a tran saction in which there are t w o ac quir ing persons.
Pursuant to a single agreement and as part of a single transaction, Buy er 1 and Bu y er 2 are each purchasing 50% of the
non -corporate i ntere st s of tw o target ent it ies (each, a "Target ," and together, the "Targets") . The Targets are indirectly
ow ned by the same UPE. Bu y er 1 and Bu y er 2 do not share a UPE and are not setting up an acquisi tion entit y to hold the
non -corporate i ntere st s of the Target s; instead 50% of the non-corporate interest s of each Target wil l be acquired by
each of Bu y er 1 and Buy er 2. Assume the size-of-transacti on and si ze - of- person thre sho lds are met w i th respect to each
of Bu y er l ' s and Bu y er 2' s acquisit ion s.
While not an i denti cal si tuation , Premerger Not ification Practi ce Manua l, Fifth Ed i tion , Interpretation #212 states that
when " the acquiring ent it y has tw o UPEs, in general, ea ch UPE mu st fi le a separate form and pay the appropriate fi ling
fee" but does not provide for w hether the acquired person must al so file t w o separate forms. Given that it is a single
transaction and the acquired person' s Item 5 i nformat ion w ou ld not be di fferent if it made tw o fi li ngs, it seems to us
that the acquired person could file one form identi fy ing both of the acquiring person s in Item s 2(a) and 3(a) and, if
applicable, ov er lap w ith respect to one or both of the acquiring person s in Item 7.
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Can you please confirm that (a) each of Buyer 1 and Buyer 2 would be required to file a separate form but pay a single
filing fee (as this is one agreement and one transaction) and (b) the acquired person could file a single form as described
above?
Best,
2