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,  12.1.2022  
C(2022 ) 281 final  
PUBLIC VERSION  
Blackstone Inc.  
345 Park Avenue   
NY 10154 – New York  
United States of America  
 
Francisco Partners  
One Letterman Drive, Building C, 
Suite 410  
94129 - San Francisco, California  
United States of America  
Subject : Case M.10554 - BLACKSTONE / FRANCISCO PARTNERS / 
RENAISSANCE  
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 10 December 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Blackstone, 
Inc. (“Blackstone”, USA) , and Francisco Partners Management, L.P. (“Francisco 
Partners”, USA ),  acquire within the meaning of Article s 3(1)(b)  and 3(4)  of the 
Merger Regulation joint control over the whole of  RL AcquisitionCo, Inc. 
(“Renaissance”, USA)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are: 
 Blackstone is a global asset manager active across a wide range of asset classes 
including, among others, private equity, real estate and public debt and equity, 
growth equity, opportunistic, non -investment grade credit, real estate assets and 
seconda ry funds , 
                                                 
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 509, 17.12.2021 , p. 20. 

2  Francisco Partners is a private equity firm exclusively focused on investments in 
technology and technology -enabled businesses , and 
 Renaissance provides software targeted at the primary and post -primary education 
sector, as well as cloud -based so ftware and workflow tools enabling teachers to 
teach more efficiently.   
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(a) and 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 no tified 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 .