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, 16.03.2021 
C(2021) 1893 final 
PUBLIC VERSION 
CDP Venture Capital SGR S.p.A. 
Via Arduino 22 
00162 Roma 
Italy 
 
Generali Welion S.C.A.R.L. 
Via Machiavelli 4  
34132 Trieste 
Italy 
Subject: Case M.10194 – CDP VENTURE CAPITAL / GENERALI WELION / 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 19 February 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation by which CDP Venture 
Capital SGR S.p.A. (‘CDP Venture Capital’, Italy), controlled by CDP  Generali, and 
Welion S.C.A.R.L (‘Generali Welion’, Italy), controlled by Assicurazioni Generali,  
acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint 
control of JVCo, a newly established joint venture company (‘JVCo’, Italy). The 
concentration is accomplished by way of purchase of shares in a newly created 
company constituting a joint venture.3 
2. The business activities of the undertakings concerned are: 
 for CDP:  financing of public bodies and initiatives promoted by them, in the 
acquisition of shareholdings in companies of significant national interest, in the 
financing of works, plants, networks and endowments for the provision of public 
services; 
                                                
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 75, 4.3.2021, p. 6. 

2  for CDP Venture Capital:  direct and indirect investments, managing funds, 
support startups in all phases of their life cycle; 
 for Assicurazioni Generali:  all types of insurance, nationally and internationally; 
 for Generali Welion:  consultancy and management services for individual health 
and corporate welfare; and 
 for JVCo:  the provision of residential and recreational services for the elderly, as 
well as wellness and assistance services. 
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 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.