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,  11.3.2022  
C(2022 ) 1595 final  
PUBLIC VERSION  
Mubadala Investment Company  
PO Box 45005  
Abu Dhabi  
United Arab Emirates  
 
Nationale -Nederlanden  
Schenkkade 65                                                  
2595 AS, the Hague ,                                  
The Netherlands                               
 
Healthcare Activos Management S.L.                                                             
Paseo de la Castellana,45,6º Izq.                      
28046 Madrid                                            
Spain  
Subject : Case M. 10606 – MUBADALA / NATIONALE -NEDERLANDEN / 
HEALTHCARE ACTIVOS MANAGEMENT / HEALTHCARE 
ACTIVOS YIELD SOCIMI / HEALTHCARE ACTIVOS INVESTMENT 
/ SEQUÊNCIALTERNATIVA  
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 February 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Mubadala 
Investment Company (‘MIC’, United Arab Emirates), Nationale -Nederlanden (‘NN’, 
the Netherlands), and Healthcare Activos Management S.L. (‘HAM’, Spain), acquire  
within the meaning of Article 3(1)(b)  and 3(4)  of the Merger  Regulation joint  control 
of HEALTHCARE ACTIVOS YIELD SOCIMI S.A., (‘HAY’, Spain), various real 
estate companies owned by HEALTHCARE ACTIVOS INVESTMENT, S.A. 
(‘HAISA Entities’, Spain), and Sequêncialternativa S.A. (‘SQA’, Portugal) by way of 
                                                 
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 introduc ed 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 purchase of sh ares (HAY, the HAISA Entities and SQA are jointly referred as the 
‘Target ’).3 
2. The business activities of the undertakings concerned are:  
 for MIC: investing in a wide range of strategic sectors, including energy, utilities, 
real estate, basic industries and  services. MIC holds investments in entities that 
are active in multiple countries around the world,  
 for NN: an international financial services company that provides retirement, 
pensions, insurance, investments and banking services,  
 for HAM: the provision  of ma nagement services to the Target,  
 for the Target: the acquisition and leasing of real estate assets for healthcare uses, 
such as clinics, hospitals, primary care centres, nursing homes and mental care 
institutions. The Target’s assets are located in S pain and Portugal.  
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 treatme nt 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  
 
                                                 
3  Publication in the Official Journal of the European Union No C C88, 24.02.2022, p. 24 . 
4  OJ C 366, 14.12.2013, p. 5 .