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 , 16.03.2021  
C(2021 ) 1894 final  
PUBLIC VERSION  
The Goldman Sachs Group  Inc. 
Corporation Trust Center  
1209 Orange Street  
New Castle  
DE 19801  – Wilmington  
United States  of America  
 
Warburg Pincus LLC  
450 Lexington Avenue  
NY 10017  – New York  
United States of America  
 
Subject : Case M.1016 1 – THE GOLDMAN SACHS GROUP / WARBURG 
PINCUS / GOOD HOST SPACES  
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 19 February  2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Warbur g Pincus LLC (“Warburg Pincus”, United States) , indirectly 
through Baskin Lake Investment Ltd , and The Goldman Sachs G roup, Inc. (“Goldman 
Sachs”, United States) , acquire within the meaning of Article 3(1)(b) and 3(4) of the 
Merger Regulation joint control over the whole of the undertaki ng Good Host Spaces 
Priva te Limited (“Good Host”, India) , which is currently jointly controlled by 
Goldman Sachs and Housing Development Finance Corporation Limited  (India) , 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 65, 25.02.2021 , p. 17-18. 

2 2. The business activities of the undertakings concern ed are:  
 for Warburg Pincus: global private equity firm headquartered in New York. Its 
portfolio companies are active in a variety of sectors, including energy, 
financial services, healthcare, industrial and business services and technology,  
 for Goldman Sac hs: global investment banking, securities and investment 
management firm that provides a range of banking, securities and investment 
services worldwide to a substantial and diversified client base that includes 
corporations, financial institutions, governm ents and high -net-worth 
individuals,  
 for Good Host: a student housing company that provides high quality 
accommodation to students in towns and cities within India, including at 
Manipal University in Jaipur. Its corporate office is located in Mumbai.  
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 s 5(a) of the Commission Notice on a simplified procedure for treatment of 
certain conc entrations 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  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .