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, 04.03.2022  
C(2022) 1457 final  
PUBLIC VERSION 
The Goldman Sachs Group, Inc.  
Plumtree Court, 25 Shoe Lane  
EC4A 4AU London United Kingdom  
 
Grupo Visabeira S.A.  
Rua do Palácio do Gelo, nº 1, Palácio do Gelo Shopping Piso 3  
3500-606 Viseu  
Portugal  
Subject : Case M. 10541 - GOLDMAN SACHS / GRUPO VISABEIRA / 
CONSTRUCTEL VISABEIRA  
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 February 2022, the European Commission received notification of a proposed 
concentration pursuant to Article 4  of the Merger  Regulation by which Goldman 
Sachs Group, Inc. (“Goldman Sachs”, United States of America), and Grupo 
Visab eira S.A. (“Visabeira”, Portugal) intends to acquire within the meaning of 
Article 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of the 
undertaking Constructel Visabeira, S.A (“Constructel”, Portugal), controlled by 
Visabeira  by wa y of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− for Goldman Sachs:  the provision of a range of banking, securities and investment 
services worldwide to its client base including corporations, financial institutions, 
governments and high-net -worth individuals,  
                                                 
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 introduc ed 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  78, 18.02.2022, p. 51.  

2 − for Visabeira:  a range of industrial and other activities across Europe and around 
the world, including telecommunications, energy, construction and technology, 
ceramics and glassware, kitchen furniture, biofuels  (pellets) and energy systems, 
and hotels, resorts and entertainment complexes, shopping malls and services, 
− for Constructel : design, planning, engineering, construction, repair and 
maintenance of telecommunication networks and energy infrastructure.  
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 concentrat ions 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.