Germany: Federal Cartel Office approved acquisition of PSI by Warburg Pincus and an investment agreement between Warburg Pincus and E.ON

On 19 December 2025, the Federal Cartel Office (FCO) approved the acquisition of PSI Software, an industrial software provider, by private equity fund Warburg Pincus, as well as an investment agreement between Warburg Pincus and E.ON, a major German energy provider. The FCO examined potential competition concerns, as one of PSI Software’s products, PSIcontrol, is used for energy grid management by several large German energy providers, including E.ON. The FCO concluded that while some Warburg Pincus portfolio companies operate in areas related to PSI, they do not compete in PSI’s core sector. It also found that E.ON’s influence on PSI would not increase significantly, and that Warburg Pincus has no commercial incentive to disadvantage PSI’s other clients.