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,  10.10.2022  
C(2022 ) 7316 final  
PUBLIC VERSION  
Blackstone Inc.  
345 Park Avenue  
New York, NY 10154  
United States of America  
 
Rivean Capital B.V.  
Herculesplein 104  
3584AA Utrecht  
The Netherlands  
Subject : Case M. 10883 - BLACKSTONE / RIVEAN / ESDEC SOLAR GROUP  
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 15 September  2022 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which the 
undertaking s Blackstone Inc. (‘Blackstone’) (United States of America), and Rivean 
Capital B.V. (‘Rivean’) (The Netherlands) , intend  to acquire , within the meaning of 
Article s 3(1)(b)  and 3(4)  of the Merger Regulation , joint control of Esdec Solar Group 
B.V. (‘Esdec’) (The Netherlands), currently solely controlled by Rivean , by way of 
purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 Blackstone is a global alternative asset manager headquartered in the United 
States , 
                                                 
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 t hroughout 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 370, 28.9.2022 , p. 2. 

 
2  Rivean is a European pr ivate equity investor, investing principally in medium -
sized companies active in various sectors in Europe, in particular in the 
Netherlands, Belgium, Germany, Austria, Italy and Switzerland , 
 Esdec is a supplier and distributor of professional solar panel mounting systems 
primarily for residential and commercial roofs, sold to wholesalers, EPC 
distributors, or directly to installers. Esdec is currently solely controlled by 
Rivean . 
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 (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 notif ied operation and to declare 
it compatible with the internal market and with the EEA Agreement. This decision 
is adopted in applicat ion 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 .