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European Commission

Press release

Brussels, 3 July 2012

Mergers: Commission clears acquisition of Talaris Topco by Glory in cash handling product sector

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of Talaris Topco of the UK by Glory of Japan. Both companies develop and produce cash handling machines. The Commission concluded that the proposed transaction would not raise competition concerns as a number of strong competitors will remain active on the markets concerned.

The merged entity will be active in the manufacture and supply of automated cash handling products in the European Economic Area (EEA), primarily to customers in the financial sector. Cash handling products include teller cash recyclers (TCRs), coin and banknote sorters and counters. They are used by financial institutions to increase the degree of automation and efficiency in their branch networks.

The Commission's investigation confirmed that the merged entity would continue to face several strong competitors in each of the various types of cash handling products that it sells. As a result, the customers of these products which are primarily large and sophisticated financial institutions would continue to have a sufficient number of suppliers from which to choose in their procurement processes.

The Commission therefore concluded that the proposed operation would not significantly impede effective competition in the EEA or any substantial part of it.

The transaction was notified to the Commission on 30 May 2012.

Companies and products

GLORY is a Japanese company active in the development and manufacture of cash handling machines, cash management systems, vending machines and coin operated lockers for customers in the financial, retail and leisure sectors. In the EEA, GLORY's activities focus on the sale of automated cash handling products predominantly to financial institutions.

UK-based company Talaris is active in the development and manufacture of cash management products mainly for customers in the financial sector and the provision of associated services. Talaris is currently controlled by the private equity firm Carlyle which acquired the business in 2008 when it was spun out of De La Rue (see case M.5248).

Merger control rules and procedures

The Commission has the duty to assess mergers and acquisitions involving companies with a turnover above certain thresholds (see Article 1 of the Merger Regulation) and to prevent concentrations that would significantly impede effective competition in the EEA or any substantial part of it.

The vast majority of mergers do not pose competition problems and are cleared after a routine review. From the moment a transaction is notified, the Commission generally has a total of 25 working days to decide whether to grant approval (Phase I) or to start an in-depth investigation (Phase II).

A non-confidential version of today's decision will be available at:

Contacts :

Antoine Colombani (+32 2 297 45 13)

Marisa Gonzalez Iglesias (+32 2 295 19 25)

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