# m8679.docx

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EUROPEAN COMMISSION

Brussels, 13.12.2017

C(2017) 8836 final

PUBLIC VERSION

To the notifying party

To the notifying party

Subject:Case M.8679 - BLACKSTONE / BANCO POPULAR REAL ESTATE BUSINESS

  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.

8679

-

BLACKSTONE / BANCO POPULAR REAL ESTATE BUSINESS

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 17 November 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertaking The Blackstone Group L.P. (‘Blackstone’, USA) acquires within the meaning of Article 3(1)(b) of the Merger Regulation control of certain loans and real estate property of Banco Popular Español SA (the 'Target', Spain).
  3

1.

On

17 November 2017

,

the

European

Commission received notification of a proposed concentration pursuant to Article 4 of

the

Merger

Regulation by which

the undertaking T

he Blackstone Group L.P. (‘Blackstone’, USA)

acquire

s

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

control of

certain loans and real

estate

property of Banco Popular

Español

SA (

the 'Target',

Spain)

.

3

2.The business activities of the undertakings concerned are:

2.

The business activities of the undertakings concerned are:

—   for Blackstone: global asset manager,

—   for Blackstone: global asset manager,

—   for the Target: Banco Popular’s Spanish real estate business, which comprises the Spanish portfolio of repossessed properties, non-performing loans relating to the real estate sector and other assets related to these activities (including deferred tax assets) owned by Banco Popular and its affiliates; and of certain assets and operations of Banco Popular’s real estate management company, Aliseda that provide services to the real estate business.

—   for the Target: Banco Popular’s Spanish real estate business, which comprises the Spanish portfolio of repossessed properties, non-performing loans relating to the real estate sector and other assets related to these activities (including deferred tax assets) owned by Banco Popular and its affiliates; and of certain assets and operations of Banco Popular’s real estate management company, Aliseda that provide services to the real estate business.

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(c) and 6 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

(

c

) and

6

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)

(Signed)

Johannes LAITENBERGER
  Director-General

Johannes LAITENBERGER

Director

-

General

(1)


     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.