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,  8.6.2022  
C(2022 ) 3945 final  
PUBLIC VERSION  
Blackstone Inc.  
345 Park Avenue   
NY 10154 - New York  
United States of America  
 
The Goldman Sachs Group, Inc.  
Plumtree Court  
25 Shoe Lane  
EC4A 4AU - London  
United Kingdom  
The Carlyle Group, Inc.  
1 St. James's Market   
SW1 Y 4AH - London  
United Kingdom  
Subject : Case M. 10705 - BLACKSTONE / CARLYLE / GOLDMAN SACHS / 
PRIMA  
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 12 May 2022 , the European Commission received notification of a proposed 
concentra tion pursuant to Article 4 and following a re ferral pursuant to Article 4(5)  of 
the Merger  Regulation by which  Carlyle Group, Inc. (“Carlyle”, United States), 
Blackstone Inc. (“Blackstone”, United States) and Goldman Sachs Group, Inc. 
(“Goldman Sachs”, United States ) acquire within the meaning of Article 3(1)(b) and 
3(4) of the Merger Regulation joint control of the whole of Prim a Assicurazioni S.p.A. 
(“Prima” or the “Target”, Italy), which is currently jointly controlled by Blac kstone 
                                                 
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 ’). 

2 and a private indi vidual . The concentration is accomplished by way of pur chase of 
shares and of contract .3 
2. The business activities of the undertakings concerned  are the following : 
 Blackstone is a global asset mana gement firm that manages funds,  
 
 Carlyle is a global asset ma nagement firm that manages funds in three main 
investment disciplines: (i) global private equity, (ii) global credit and (iii) 
investment solutions,  
 
 Goldman Sachs is a global investment banking, securities and investment 
management firm providing services  to corporations, financial institutions, 
governments and individuals,  
 
 Prima is an intermediary distributing non -life car, motorcycle, vans (including 
road assistance) and home and family private liability insurances in Italy.  
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 no tified 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)  
Olivie r GUERSENT  
Director -General  
 
                                                 
3  Publication in the Official Journal of the European Union No C 202, 19.05.2022 , p. 19. 
4  OJ C 366, 14.12.2013, p. 5 .