Prior notification of a concentration (Case M.12048 – FIRST RESERVE / FORTRESS / IES) – Candidate case for simplified procedure
Date: 2025-07-01
Institutions: Directorate-General for Competition, European Commission
Subjects: Hawaii, United States, economic concentration, energy market, fuel, investment company, merger control, petroleum product








C_202503597EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/3597


1.7.2025






Prior notification of a concentration
(Case M.12048 – FIRST RESERVE / FORTRESS / IES)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2025/3597)


1.   
On 18 June 2025, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


First Reserve Management LP (‘First Reserve’, Cayman Islands),










—


Fortress Investment Group LLC (‘Fortress’, USA),










—


Island Energy Investor Holdings LLC (‘IES’, USA).




First Reserve and Fortress will acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of the whole of IES.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


First Reserve is a global private equity firm investing across energy, utility and industrial markets,










—


Fortress is an investment management firm. It is active across a range of credit and real estate, private equity and permanent capital investment strategies, on behalf of institutional clients and private investors worldwide.






3.   

The business activities of the undertaking IES are the following: a fuels marketing business providing petroleum products exclusively in the State of Hawaii, USA.



4.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.12048 – FIRST RESERVE / FORTRESS / IES
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2025/3597/oj
ISSN 1977-091X (electronic edition)