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 -MERG ER-REGISTRY@ec.europa.eu . 
   EUROPEAN COMMISSION  
Brussels,  19.1.2021  
C(2021 ) 402 final  
PUBLIC VERSION  
To the notifying party  
Subject : Case M. 10066  – CARLYLE / FLENDER  
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 17 December 2020 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which the 
undertaking  The C arlyle Group Inc. (“Carlyle”, USA) , acquire s within the meaning of 
Article 3(1)(b ) of the Merger Regulation sole  control over the whole of Flender 
GmbH (“Flender”, Germany)  by way of purchase of shares .4 
2. The business activities of the undertakings concerne d are:  
 for Carlyle : a global alternative asset manager, which manages funds that invest 
globally across four investment disciplines: (i) Corporate Private Equity (buyout 
and growth capital); (ii) Real Assets (real estate, infrastructure and energy and 
renewable resources); (iii) Global Credit (structured credit, mezzanine, distressed, 
hedge funds, and middle market debt); and (iv) Investment Solutions (private 
equity fund of funds program and related co -investment and secondary activities) , 
 for Flender : a supplier of mechanical drive products as well as generators, 
systems and services for industrial applications, power generation and for the 
wind power industry . 
                                                 
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, according to Artic le 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 apply 
Union law as  regards the United Kingdom for administrative procedures which were initiated before the 
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. 3. 

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 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 .