EUROPEAN COMMISSION  
Brussels, 13.12.2022  
C(2022 ) 9611 final  
PUBLIC VERSION  
Tokyu Corporation  
5-6 Nampeidai -cho, Shibuya -ku,  
Tokyo 150 -8511  
Japan  
 
Fujitsu Limited  
4-1-1 Kamikodanaka, Nakahara -ku, 
Kawasaki -shi,  
Kanagawa 211 -8588,  
Japan  
 
Marubeni Corporation  
1-4-2, Ohtemachi, Chiyoda -ku, 
Tokyo 100 -8088,  
Japan  
 
ORIX Corporation  
World Trade Center Building, South Tower,  
2-4-1 Hamamatsu -cho, Minato -ku,  
Tokyo 105 -5135,   
Japan  
Subject : Case M.10980  – TOKYU / MARUBENI / ORIX / FUJITSU / JV  
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 18 November  2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which Tokyu 
Corporation (‘Tokyu’) , Marubeni Corporation (‘Marubeni’) , Orix Corporation 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Funct ioning 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. (‘Orix’ ), and Fujitsu Limited (‘Fujit su’) will acquire within the meaning of Article 
3(1)(b) and 3(4) of the Merger Regulation joint control of the JV . The concentration is 
accomplished by way of purchase of shares in a newly created company constituting a 
joint venture.3 
3. The business activities of the undertakings concerned  are the following : 
 Tokyu is a Japanese multinational company. Its main activity is the operation of 
railways in the Greater Tokyo Area. It also engages in urban development and 
operates a hotel and resort business,  
 Fujitsu is a Japanese multinational information and communications technology 
equipment and services provider,  
 Marubeni is a trading and investment company with diverse business activities 
across wide -ranging fields,  
 ORIX is a financial services group whic h provides leasing services. Moreover, 
ORIX operates lending, investment, life insurance, banking, asset management, 
automobile -related, real estate and environment and energy -related businesses.  
4. The business activities of the newly set up JV will be the f ollowing: redeveloping 
Todoroki Ryokuchi, a park in Kawasaki (Japan) comprising public gardens, a museum 
and a sports complex.  
5. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope o f the Merger  Regulation  and of 
paragraph 5(a) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
6. 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 450, 28.11.2022 , p. 14. 
4  OJ C 366, 14.12.2013, p. 5 .