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, 10.12.2020  
C(2020 ) 9150 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9948 - ALLIANZ / GE / JV  
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 16 November 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Pacific 
Investment Management Company LLC ("PIMCO", United States), ultimately 
controlled by Allianz SE (Germany)  and GE U.S. Equity Holdings Inc. and GE 
Capital Aviation Services Limited (together with their applicable affiliates “GECAS”, 
United States), ultimately controll ed by General Electric Company (United States) 
acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint 
control of a newly created company constituting a joint venture (the “JV”)  by way of 
purchase of shares .3 
2. The business acti vities of the undertakings concerned are:  
 for PIMCO: a portfolio management firm which manages assets for central 
banks, sovereign wealth funds, pension funds, corporations, foundations and 
endowments and individual investors around the world,  
 for GECAS: active in the provision of a broad array of financing products and 
services with respect to these assets, including operating leases, 
purchase/leasebacks, capital markets, and airframe parts management,  
 for the JV: acquisition, leasing and sale of aircraft  at world wide level.  
                                                 
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  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication  in the Official Journal of the European Union No C  402, 25.11.2020 , p. 7.  

2 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 trea tment 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 .