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,  24.10.2022  
C(2022 ) 7811 final  
PUBLIC VERSION  
Oaktree Capital Group, LLC  
333 South Grand Ave., 28th Floor   
90071 Los Angeles, CA  
United States of America  
 
Ares Management Corporation  
2000 Avenue of the Stars, 12th Floor  
90067 Los Angeles, CA   
United States of America  
 
Vector Capital Management, LP  
One Market Street, Steuart Tower  
23rd Floor  
94105 San Francisco, CA  
United States of America  
Subject : Case M. 10901 - OAKTREE / ARES / VECTOR / NEOVIA  
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 26 September 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which  Oaktree 
Capital Group, LLC (‘Oaktree’, United States), Ares Management Corporation 
(‘Ares’, United States) and Vector Capital Management, LP (‘Vector’, United States) 
intend to acquire  within the meaning of A rticle 3(1)(b) of the Merger Regulation  joint 
control of Neovia Logistics Holdings Ltd (‘Neovia’, United States)  by way of 
purchase of shares .3 
                                                 
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 ’). 
3  Publication in the Official Journal of the European Union No C 379, 3.10.2022 , p. 12. 

2 2. The business activities of the undertakings concerned  are the following : 
 Oaktree:  global alternative and non-traditional investment fund management , 
 Ares:  global alternative investment manager , 
 Vector:  private equity firm focused on investments in technology and technology -
enabled businesses , 
 Neovia:  logistics an d supply chain service provider.  
3. After examinat ion of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (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 noti fied 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  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .