CELEX: 32021M10107
Language: en
Date: 2021-01-21 00:00:00
Title: Commission Decision of 21/01/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10107 - BLACKROCK / MUBADALA / GOLDMAN SACHS / CALISEN) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 21.01.2021
                                                                C(2021) 434 final
                                                                                 PUBLIC VERSION
                                                                To the notifying party
Subject:        Case M.10107 — BlackRock/Mubadala/Goldman Sachs/Calisen
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                       1, 2
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    3
                Economic Area
Dear Sir or Madam,
1.      On 21 December 2020, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which BlackRock
        Alternatives Management LLC (“BAM”, USA), an indirect wholly-owned subsidiary
        of BlackRock Inc. (“BlackRock”, USA), Ninteenth Investment Company LLC
        (“Ninteenth”, Abu Dhabi) wholly owned by Mubadala Investment Company PJSC
        (“Mubadala”, Abu Dhabi) and Goldman Sachs Group, Inc. (“Goldman Sachs”, USA)
        through West Street Infrastructure Partners (“WSIP III”, USA), a fund indirectly
        managed by Goldman Sachs, acquire within the meaning of Article 3(1)(b) of the
        Merger Regulation joint control Calisen plc (“Calisen”, UK), a public company listed
        on the London Stock Exchange, by way of public bid announced on 11 December
        2020.4
2.      The business activities of the undertakings concerned are:
             for BAM: controls and manages investment decisions of a fund which operates
              globally and focusses on investments in the energy and power infrastructure value
              chain. It is an indirect subsidiary of BlackRock, a global investment, asset and
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       For the purposes of this Decision, although the United Kingdom withdrew from the European Union as
        of 1 February 2020, according to Article 92 of the Agreement on the withdrawal of the United
        Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic
        Energy Community (OJ L 29, 31.1.2020, p. 7), the Commission continues to be competent to apply
        Union law as regards the United Kingdom for administrative procedures which were initiated before the
        end of the transition period.
3       OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).
4       Publication in the Official Journal of the European Union No C 451, 29.12.2020, p. 7.
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.
 ---pagebreak---         risk management firm, which also provides advisory services to institutional and
        retail clients around the world,
       for Ninteenth: manages Mubadala’s energy infrastructure portfolio. It is an
        indirectly wholly-owned subsidiary of Mubadala, which invests globally and
        actively manages a diversified portfolio with priority sectors including aerospace,
        ICT, semiconductors, metals & mining, renewable energy, oil and gas,
        petrochemicals, utilities, healthcare, real estate, defence services, pharma &
        medtech, agribusiness and a global portfolio of financial holdings,
       for Goldman Sachs: a global investment banking, securities and investment
        management firm that provides a range of banking, securities and investment
        services worldwide to a substantial and diversified client base that includes
        corporations, financial institutions, governments and high-net-worth individuals,
       for Calisen: procurement, installation, ownership and management of a portfolio
        of electricity and gas meters, with a particular focus on smart meters in the UK.
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 139/2004.5
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
5  OJ C 366, 14.12.2013, p. 5.
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