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, 27.5.2021  
C(2021 ) 3942 final  
PUBLIC VERSION  
Colony Capital, Inc.  
750 Park of Commerce Drive,  
Suite 210  
Boca Raton , FL, 33487  
United States of America  
 
The Goldman Sachs Group, Inc.  
200 West Street  
New York, NY, 10282   
United States of America  
Subject : Case M. 10253  - COLONY CAPITAL / GOLDMAN SACHS / JAPAN 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 29 April 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Colony 
Capita l, Inc. (“Colony Capital”,  United States of America ) and The Goldman Sachs  
Group, Inc. (“Goldman Sachs”, United States of America ) intend to acquire  within the 
meaning  of Article s 3(1)(b) and 3(4) of the Merger Regulation  joint control of the 
newly created joint venture Japan JV (Singapore),  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for Colony Capital: management of a global portfolio composed of, amongst 
other, investments in digital infrastructure, including macro cell towers, data 
centres, small cell networks and fibre networks,  
 
                                                 
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 ( the ‘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, 3.1.199 4, p. 3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 170, 6.5.2021 , p. 10. 

2  for Go ldman Sachs:  global investment banking, securities and investment 
management. It provides a range of banking, securities and investment services 
worldwide to a substantial and diversified client base , 
 
 for Japan JV : construction, ownership and operation of  green field data 
centres, or the acquisition of data centre assets, in Japan.  
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) 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)  
Olivie r GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .