Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGI Ë 
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels,  25.1.2020  
C(2021 ) 490 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 10077  – MACQUARIE BANK / MITSUBISHI UFJ LEASE & 
FINANCE COMPANY / VESTONE CAPITAL  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041, 2 and Article 57 of the Agreement on the European 
Economic Area3  
Dear Sir or Madam,  
1. On 22 December 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Mitsubishi UFJ 
Lease & Finance Company Limited (‘MUL’, Japan)  and Macquarie Bank Ltd 
(‘MBL’, Australia), intend to acquire within the meani ng of Article s 3(1)(b)  and 3(4)  
of the Merger Regulation joint control o ver Vestone Capital Pty Limited (‘Vestone’, 
Australia) , currently solely  controlled by MBL , by way of purchase of shares .4 
2. The business activities of the undertakings concerned are:  
 MUL is a multi -service group with activities related to leasing and finance, rental, 
used equipment trading, sales support financing, asset management services, 
consulting services, aviation, real estate, logistics, environment and energy, 
healthcare, and infrastructure and investment,  
 MBL, a subsidiary of Macquarie Group Limited , is a global diversified financial 
group. It acts primarily as an investment intermediary for institutional, corporate 
and retail clients and counterparties around the world,  
                                                 
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  For the purposes of this Decision, although the United Kingdom withdrew from the European Union as 
of 1 February 2020, according to Article 92 of the Agreement on the withdrawal of the United 
Kingdom of Great Britain and Northern Ireland from the European Union an d the European Atomic 
Energy Community (OJ L 29, 31.1.2020, p. 7), the Commission continues to be competent to apply 
Union law as regards the United Kingdom for administrative procedures which were initiated before the 
end of the transition period , i.e. on  31 December 2020 at the latest . 
3  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
4  Publication in the Official Journal of the European Union No C 5, 7.1.2021 , p. 16. 

2  Vestone is active in the equipment finance market: the leasing of equipment to 
end users. This includes general office equipment as well as computing 
equipment. It also provides asset financing and leasing facilities for office and 
technology assets to ent erprise customers, with a focus on corporates, universities 
and government entities.  
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 .5 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose th e 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  
 
 
                                                 
5  OJ C 366, 14.12.2013, p. 5 .