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, 27.6.2022  
C(2022 ) 4588 final  
PUBLIC VERSION  
EQT AB  
Regeringsgatan 25  
SE-111 53 Stockholm  
Sweden  
Subject : Case M. 10732  – EQT / BPEA  
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 2 June 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  EQT AB 
(“EQT”, Sweden)  will acquire within the meaning of Article 3(1)(b)  of the Merger 
Regulation sole control over the whole of Baring Private Equity Asia Group Limited 
(“BPEA”, Hong Kong and Singapore)  by way of purchase of shares .3 
2. The business activities of the undertakings concer ned are the following : 
 EQT is a global investment organization focused on active ownership strategies. 
EQT currently has EUR 73.4 billion in assets under management across 28 active 
funds within two business segments – Private Capital and Real Assets. The EQT 
funds’ portfolio companies are active in a variety of industries and sectors, such 
as consumers, consumer goods, energy & environmental, fintech, healthcare, 
industrial technology, insurance, real estate, services, social, TMT and transport 
& logistics , 
 BPEA is a Pan -Asian private markets firm. BPEA manages a private equity 
investment program, sponsoring buyouts and providing growth capital to 
                                                 
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 Journal of the European Union No C 226, 10.6.2022 , p. 7. 

 
2 companies for expansion or acquisitions with a particular focus on the Asia 
Pacific region, as well as dedicated funds focused on private real estate and 
private credit. BPEA advises private equity funds active in several different 
markets, including education, business services, manufacturing, logistics, 
healthcare and consumer sectors . 
3. After examination of the noti fication, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragra ph 5(c) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regul ation (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 decisi on 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 .