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,  19.7.2022  
C(2022) 5317 final  
PUBLIC VERSION 
Ares Management Corporation  
2000 Avenue of the Stars, 12th Floor  
90067 Los Angeles  
United States of America  
 
Onex Corporation 
161 Bay Street, 49th Floor, 
M5J 2S1 Toronto, Ontario  
Canada  
 
G. Brint Ryan,  
Ryan, LLC  
Three Galleria Tower  
13155 Noel Road 
Suite 100 
Dallas, TX 75240-5090  
United States of America  
Subject : Case M. 10802 – ARES / ONEX / FOUNDER / RYAN  
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 24 June 2022, the European Commission received notification of a proposed 
concentr ation pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Ares Management Corporation (“Ares”, US), Onex Corporation 
(“Onex”, Canada) and Mr. G. Brint Ryan, (“the Founder,” a US national), will acquire 
within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control 
                                                 
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 over the whole of the undertaking Ryan LLC (“Ryan”, US) by way of purchase of 
shares .3 
2. The business activities of the undertakings concerned are  the following:  
− Ares is an alternative investment manage r offering clients complementary 
primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes.  
− Onex invests in a wide range of operating companies in North America and 
Western Europe through a number of private equity funds.  
− The Founder serves as Chairman and Chief Executive Officer of Ryan. He holds 
investments in several family-related businesses and real estate projects located in the U.S .. 
− Ryan is a tax services and consulting firm and provider of tax management 
software solutions.  
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(a) and (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 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)  
Olivie r GUERSENT  
Director -General  
                                                 
3  Publication in the Official Journal of the European Union No C 252, 1.7.2022, p. 19.  
4  OJ C 366, 14.12.2013, p. 5.