Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229- 64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels,  9.3.2022  
C(2022) 1544 final  
PUBLIC VERSION  
Nobian Industrial Chemicals B.V.  
Van Asch van Wijckstraat 53  
3811 LP Amersfoort  
Netherlands  
 Norgh Holding Company Group 
Limited  
28  Ropemaker  Street, Ropemaker  Place  
EC2Y  9HD  London 
United Kingdom  
Subject : Case M. 10625 - CARLYLE GROUP/MACQUARIE GROUP/HYCC  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 15 February 2022, the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which Nobian 
Industrial Chemicals B.V. (‘Nobian’, Netherlands), controlled by Carlyle Group 
(‘Carlyle’, USA), and Norgh Holding Company Limited (‘Norgh’, UK), in turn 
controlled by Green Investment Group Limited (‘GIG’, UK), in turn controlled by 
Macquarie Group L imited (‘Macquarie’, Australia), intend to acquire within the 
meaning of Article 3(1)(b) and 3(4) of the M erger Regulation joint control of a newly 
created company constituting a joint venture, namely HyCC Holding B.V. (‘JV’, Netherlands). The concentration is accomplished by way of purchase of shares.
3 
                                                 
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 ‘ Communi ty’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p. 3 ( the ‘EEA Agreement ’). 
3  Publication in the Official Jou rnal of the European Union No C 85 , 22.02.2022. p. 6.  

2 2. The business activities of the undertakings concerned are : 
− Nobian produces essential base chemicals for industries ranging from 
construction and cleaning to pharmaceuticals and water treatment. Its parent 
Carlyle is an American multinational private equity, alternative asset management 
and financial services corporation,  
− GIG, the parent of Norgh , is a specialist developer, sponsor and investor with a 
mission to accelerate the green transition, headquartered in Edinburgh, Scotland. 
GIG is controlled by Macquarie, a multinational independent investment bank 
and financial services company, headquartered and listed in Australia,  
− JV will be active in the production of green hydrogen.  
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)  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 . 
For the Commission  
  
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5.