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, 21.01.2021  
C(2021) 434 final  
PUBLIC VERSION  
To the notifying party  
Subject : Case M .10107 — BlackRock/Mubadala/Goldman Sachs/Calisen  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041, 2 and Article 57 of the Agreement on the European 
Economic Area3  
Dear Sir or Madam,  
1. On 21 December 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which BlackRock 
Alternative s Management LLC (“BAM”, USA), an indirect wholly -owned subsidiary 
of BlackRock Inc. (“BlackRock”, USA) , Ninteenth Investment Company LLC 
(“Ninteenth ”, Abu Dhabi) wholly owned by Mubadala Investment Company PJSC 
(“Mubadala”, Abu Dhabi)  and Goldman Sachs Group, Inc. (“Goldman Sachs”, USA)  
through West Street Infrastructure Partners ( “WSIP III ”, USA), a fund indirectly 
managed by Goldman Sachs , acquire within the meaning of Article 3(1)(b) of the  
Merger Regulation joint control Calisen plc  (“Calisen”, UK) , a public company listed 
on the London Stock Exchange , by way of public bid announced on 11 December 
2020 .4 
2. The business activities of the undertakings concerned are:  
 for BAM: controls and manages investment decisions of a fund which operates 
globally and f ocusses on investments in the energy and power infrastructure value 
chain. It is an indirect subsidiary of BlackRock, a global investment, asset and 
                                                 
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.  
2  For the purposes of this Decision, although the United Kingdom withdrew from the European Union as 
of 1 February 2020, acc ording to Article 92 of the Agreement on the withdrawal of the United 
Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic 
Energy Community (OJ L 29, 31.1.2020, p. 7), the Commission continues to be competent to app ly 
Union law as regards the United Kingdom for administrative procedures which were initiated before th e 
end of the transition period.  
3  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
4  Publication in the Official Journal of the European Union No C 451, 29.12.2020 , p. 7. 

2 risk management firm, which also provides advisory services to institutional and 
retail clients around the world,  
 for Ninteenth: manages  Mubadala’s energy infrastructure portfolio. It is an 
indirectly wholly -owned subsidiary of Mubadala, which invests globally and 
actively manages a diversified portfolio with priority sectors including aerospace, 
ICT, semicondu ctors, metals & mining, renewable energy, oil and gas, 
petrochemicals, utilities, healthcare, real estate, defence services, pharma & 
medtech, agribusiness and a global portfolio of financial holdings , 
 for Goldman Sachs: a global investment banking, securities and investment 
management firm that provides a range of banking, securities and investment 
services worldwide to a substantial and diversified client base that includes 
corporations, financial institutions, governments and high -net-worth individ uals, 
 for Calisen: procurement, installation, ownership and management of a portfolio 
of electricity and gas meters, with a particular focus on smart meters in the UK . 
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 .5 
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 applic ation of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
5  OJ C 366, 14.12.2013, p. 5 .