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, 27.10.2020  
C(2020 ) 7546 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9979 — Brookfield/Simon/JCPenney  
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 5 October 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Brookfield 
Asset Management Inc. (‘Brookfield’, Canada)  and Simon Property Group, Inc. 
(‘Simon’, United States)  acquire within the meaning of Article 3(1)(b) of the Merger 
Regulation joint control of J.C. Penney Company Inc. (‘JCPenney’, United States)  by 
way of purchase o f assets by a newly created company controlled jointly by 
Brookfield and Simon .3 
2. The business activities of the undertakings concerned are:  
 for Brookfield: global asset management including a range of public and private 
investment products and services foc using on real estate, infrastructure, 
renewable power and private equity,  
 for Simon: real estate investment including ownership, development and 
management of premier shopping, dining, entertainment and mixed -use 
destinations consisting primarily of malls,  Premium Outlets®, and The Mills®,  
 for JCPenney: retail of family apparel, footwear, accessories, fine and fashion 
jewellery, beauty products and home furnishings through its U.S. -based 
department stores and website, as well as supply of a range of service s from its 
department stores.  
                                                 
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 340, 13.10.2020 , p. 9. 

2 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 .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 Agre ement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .