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, 08.04.2020  
C(2020 ) 2273 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M .9737  – AGEAS PORTUGAL / JMRS / SPSI  
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 16 March 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Ageas Portugal Holding, SGPS, S.A. (“Ageas Portugal”, Portugal), 
controlled by Ageas SA/NV (“Ageas Group”, Belgium) and José de Mello 
Residências e Serviços, SGPS, S.A. (“JMRS”, Portugal), owned by José de Mello 
Capital S.A. (“JM Capital”, Portugal), acqui re within the meaning of Article 3(1)(b) 
and 3(4) of the Merger Regulation joint control over the whole of the undertaking 
Sociedade Portuguesa de Serviços e Apoio e Assistência a Idosos, S.A (“SPSI”, 
Portugal)  by way of purchase of shares .3 
2. The business a ctivities of the undertakings concerned are:  
 for Ageas Portugal: insurance company active in Portugal, owned by Ageas 
Group, which provides life and non -life insurance services to personal, business 
and institutional customers , active in several EU countri es and in Asia ,. 
 for JMRS: development of residential solutions and orthopedic, geriatric and 
neurological rehabilitation programs  and provision of personalized home care 
services provided by the hospitals , part of the JM Group which provides private 
healthcare services, road infrastructures and chemical  industry, active in Spain 
and the United States  
                                                 
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 94, 23.03.2020 , p. 2. 

2  for SPSI: operation of  two residential care homes for the  elderly as well as real 
estate activity  in the Metropolitan Area of Lisbon . 
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 (c) of the Commission Notice on a simplified pro cedure 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 
compatibl e 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 .