Commission opens third-party comments on Hyperion and CFA takeover of Boost Air

The European Commission has opened a ten-day window for third-party observations on the proposed acquisition of joint control of Boost Air Group, S.L. by Hyperion Fund, F.C.R. and Corporación Financiera Azuaga S.L. The notification was received on 6 October 2026 and the notice was published in the Official Journal of the European Union, C series, of 14 October 2026 under reference C/2026/5300. The case is registered as M.12562 – HYPERION / CFA / BOOST AIR and is a candidate for the simplified merger procedure.

The transaction and the parties

The concentration is notified pursuant to Article 4 of Council Regulation (EC) No 139/2004 (the Merger Regulation, OJ L 24, 29.1.2004, p. 1) and is to be accomplished by way of purchase of shares. Under the notified operation, Hyperion and CFA will acquire joint control of Boost Air within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation.

The undertakings concerned are:

• Hyperion Fund, F.C.R. (“Hyperion”, Spain), a private equity fund investing in companies active in dual-use technology, in the aerospace, cybersecurity, artificial intelligence and defence sectors, ultimately controlled by Warburg Pincus LLC (“Warburg Pincus”, United States).
• Corporación Financiera Azuaga S.L. (“CFA”, Spain), a financial group specialised in financial and investment services.
• Boost Air Group, S.L. (“Boost Air”, Spain), controlled by CFA.

Boost Air’s activities and the simplified procedure

Boost Air provides a coherent set of services for operators in the aviation and defence sector: executive aircraft management, executive flight operations, maintenance services, spare parts supply and maintenance, as well as ancillary services.

On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation, although the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 (OJ C 160, 5.5.2023, p. 1), the case is a candidate for treatment under the procedure set out in that notice. The published notice carries EEA relevance.

How to submit observations

The Commission invites interested third parties to submit their possible observations on the proposed concentration. Observations must reach the Commission not later than 10 days following the date of publication of the notice, that is by 24 October 2026, and the following reference should always be specified: M.12562 – HYPERION / CFA / BOOST AIR.

Submissions may be sent by email to COMP-MERGER-REGISTRY@ec.europa.eu or by post to the European Commission, Directorate-General for Competition, Merger Registry, 1049 Bruxelles/Brussel, Belgium.

For Spain’s aerospace and defence industry, the notice marks the arrival of a Warburg Pincus-backed investment vehicle into the ownership of a domestic executive aviation and defence services provider, alongside its existing shareholder CFA. The simplified-procedure route signals that the Commission does not at this stage expect the operation to raise competition concerns, but the ten-day comment window remains the only formal opportunity for competitors, customers and other interested parties to place their views on the record before the Commission decides.

Source: Official Journal of the European Union, C series, C/2026/5300, 14 October 2026, p. 1 (official reference: C/2026/5300).