Markets Wired

The Federal Trade Commission has approved a proposal by the largest U.S. funeral services provider, Service Corporation International, to sell 23 funeral homes, cemeteries, and combined funeral home-cemeteries in order to resolve competition concerns raised by SCI’s acquisition of Keystone North America, Inc.

Under SCI’s proposal, which was approved by the FTC following a public comment period, the company will sell the properties to Foundation Partners Group, LLC., a new company formed by the private equity firm Sterling Partners and former founders and executives of Keystone. The properties are located in Arizona, California, Colorado, Georgia, Florida, Louisiana, Michigan, North Carolina, New York, South Carolina, Tennessee, Virginia, and Washington State. A complete list of the properties can be found in SCI’s petition to the FTC seeking approval of the sales, which is available on the FTC’s website and as a link to this press release.

The FTC vote approving the sale of the properties was 4-0-1, with Commissioner Edith Ramirez not participating. (FTC File No. 091-0138, Docket No. C-4284; the staff contact is Daniel P. Ducore, Bureau of Competition, 202-326-2526. See press release dated March 26, 2010, at http://www.ftc.gov/opa/2010/03/keystone.shtm.)

Copies of the documents mentioned in this release are available from the FTC’s website at http://www.ftc.gov and from the FTC’s Consumer Response Center, Room 130, 600 Pennsylvania Avenue, N.W., Washington, DC 20580. Call toll-free: 1-877-FTC-HELP.

(FYI 26.2010.wpd)