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, 4.7.2022  
C(2022 ) 4822 final  
PUBLIC VERSION  
Goldman Sachs Japan Co., Ltd.,  
Roppongi Hills Mori Tower, 10 -1, 
Roppongi 6 -chome, Minato -ku, 
Tokyo 106 -6147  
Japan  
 
Sojitz Corporation  
2-1-1, Uchisaiwaicho, Chiyoda -ku, 
Tokyo 100,8691  
Japan  
Subject : Case M. 10789  – GOLDMAN SACHS / SOJITZ / 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 7 June 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Sojitz 
Corporation (‘Sojitz’, Japan)  and The Goldman Sachs Group, Inc (‘Goldman Sachs’, 
United States ) through its subsidiary, Goldman Sach s Japan Co., Ltd (Japan),  will 
acquire within the meaning of Article s 3(1)(b) and 3(4) of the Merger Regulation joint 
control of a newly created company constituting a joint venture (‘JV’, Japan) .3 
2. The business activities of the undertakings concerned  are the following : 
 Goldman Sach s: global investment banking, securities and investment 
management firm that provides a range of banking, securities and investment 
services worldwide ,  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Funct ioning 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 238, 21.6.2022 , p. 14. 

 
2  Sojitz : global conglomerate active in a variety of different businesses, pr imarily in 
the area of trading of goods and services ,  
 JV: will be active in real estate asset management services and property 
management services in Japan, including investment advice, portfolio 
performance analysis, portfolio management, and back -office  services such as 
preparation of tax documents and financial statements . 
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 C ommission 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 o peration 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 .