CELEX: 32019M9530
Language: en
Date: 2019-09-16 00:00:00
Title: Commission Decision of 16/09/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9530 - UBS AG / Ares Management Corporation / Phoenix Wind Repower LLC) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 16.09.2019
                                                                C(2019) 6792 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9530 - UBS / ARES / PHOENIX
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                                       1
                (EC) No 139/2004 and Article 57 of the Agreement on the European
                                    2
                Economic Area
Dear Sir or Madam,
1.      On 23 August 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the
        undertakings UBS AG (“UBS”, Switzerland) and Ares Management Corporation
        (“Ares”, USA) acquire within the meaning of Article 3(1)(b) and Article 3(4) of the
        Merger Regulation joint control over the undertaking Phoenix Wind Repower, LLC
        (“Phoenix”, USA), currently solely controlled by Ares. The concentration is
        accomplished by way of purchase of shares.3
2.      The business activities of the undertakings concerned are:
        −     UBS is a global firm providing financial services to private, corporate and
              institutional clients. UBS’s businesses comprise Global WM, Personal &
              Corporate Banking, Asset Management, and Investment Banking services,
        −     Ares is a global alternative asset manager. It operates investment groups in credit,
              private equity and real estate,
        −     Phoenix is a company that owns interests in three separate wind farms in Texas
              (USA).
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 292, 30.8.2019, p. 5.
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--- 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 Agreement.
                                                  For the Commission
                                                  (Signed)
                                                  Cecilio MADERO VILLAREJO
                                                  Acting Director-General
4  OJ C 366, 14.12.2013, p. 5.
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