On 19 October 2020, the Polish Competition Authority (“UOKiK”) issued a decision authorising the Cayman Islands-based H&F Corporate Investors VIII Ltd. to acquire the Center for Electronic Settlements Polish ePayments S.A. The transaction was not notified to the UOKiK under the normal merger review process, but was submitted for approval under the newly introduced Polish FDI screening mechanism. This new investment control law was introduced as part of Poland’s “Anti-Crisis Shield 4.0” legislation to address the COVID-19 pandemic. The legislation aims to reduce the risk associated with non-EU, EEA or OECD companies acquiring Polish companies that are essential to maintaining public order, safety or health during the pandemic. In this case, the acquirer, H&F Corporate Investors VIII, controls portfolio companies operating in the sectors of Internet services, specialised business software, media and financial services. The Polish target focuses on the processing of non-cash transactions in payment terminals. The UOKiK therefore determined that the transaction did not pose a threat in terms of access to specific technologies or software and did not oppose the acquisition.
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