# m8882.docx

| | EUROPEAN COMMISSION |
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EUROPEAN COMMISSION

Brussels, 5.6.2018

C(2018) 3715 final

PUBLIC VERSION

To the notifying parties:

To the notifying parties:

Subject:Case M.8882 - KENNEDY WILSON / AXA / JV

  Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004
  1
  and Article 57 of the Agreement on the European Economic Area
  2

Subject

:

Case

M.8882 - KENNEDY WILSON / AXA / JV

Commission decision pursuant to Article 6(1

)(

b) of Council Regulation (EC)

No

139/2004

1

and Article 57 of the Agreement on the European Economic Area

2

Dear Sir or Madam,

Dear Sir or Madam,

1.On 04 May 2018, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which the undertakings Kennedy Wilson Holdings, Inc. ('Kennedy Wilson', United States) and AXA S.A. ('AXA', France) acquire, within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation, joint control of a newly created joint venture that will be active in real estate services in Ireland, by way of purchase of shares in a newly created company constituting a joint venture.
  3

1.

On

04 May 2018

, the

European

Commission received notification of a proposed conc

entration pursuant to Article 4

of

the

Merger

Regulation

,

by which

the undertakings

Kennedy Wilson Holdings, Inc. ('Kennedy Wilson',

United States

)

and

AXA S.A. ('AXA', France)

acquire

,

within the meaning of Article 3(1)(b)

and 3(4)

of the Merger Regulation

,

joint control

of a

newly created joint venture that will be active in real estate services in Ireland

,

by way of purchase of shares

in a newly created company constituting a joint venture

.

3

2.The business activities of the undertakings concerned are:

2.

The business activities of the undertakings concerned are:

–
     for Kennedy Wilson: real estate investment, development and management;

–

for

Kennedy Wilson: real estate investment, development and management;

–
     for AXA: life, health and other forms of insurance, as well as investment management.

–

for

AXA: life, health and other forms of insurance, as well as investment management.

3.After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5 (b) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.
  4

3.

After examination of the notification, the

European

Commission has concluded that the notified operation falls within the scope of

the

Merger

Regulation

and of paragraph

5

(

b

)

of the Commission Notice on a simplified procedure for treatment of certain concentrations under

Council Regulation (EC)

No

139/2004

.

4

4.For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.

4.

For the reasons set out in the Notice on a simplified procedure, the

European

Commission has decided not to oppose the notified operation and to declare it compatible with the

internal

market and with the EEA Agreement. This decision is adopted in application of Article 6(1

)(

b) of

the

Merger

Regulation

and Article 57 of the EEA Agreement

.

For the Commission

For the Commission

(Signed)

  Johannes LAITENBERGER
  Director-General

(Signed)

Johannes LAITENBERGER

Director

-

General

OJ L 24, 29.1.2004, p. 1 (the 'Merger Regulation'). With effect from 1 December 2009, the Treaty on the Functioning of the European Union ('TFEU') has introduced certain changes, such as the replacement of 'Community' by 'Union' and 'common market' by 'internal market'. The terminology of the TFEU will be used throughout this decision.

OJ C 366, 14.12.2013, p. 5.