CELEX: 32021M10250
Language: en
Date: 2021-07-13 00:00:00
Title: Commission Decision of 13/07/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10250 - ACCOR / KEYS / HOTEL PORTFOLIO) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                 Brussels, 13.7.2021
                                                                 C(2021) 5328 final
                                                                                 PUBLIC VERSION
                                                                 Keys REIM
                                                                 24, rue des Capucines
                                                                 75002 – Paris
                                                                 France
                                                                 Accor S.A.
                                                                 82, rue Henri Farman
                                                                 92130 – Issy-les-Moulineaux
                                                                 France
Subject:        Case M.10250 – ACCOR / KEYS / HOTEL PORTFOLIO
                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 11 June 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Keys REIM
        (‘Keys’, France), ultimately controlled by the BPCE group (‘BPCE’, France), through
        a newly created joint venture (LeaseCo, France) and Accor S.A. (‘Accor’, France),
        through a newly created joint venture (ManCo, United Kingdom), acquire within the
        meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of the
        Hotel Portfolio. The concentration is accomplished by way of purchase of shares in a
        newly created company constituting a joint venture and by way of contract. 3
2.      The business activities of the undertakings concerned are:
             for Keys: an asset management company specialised in the acquisition and
              management of real estate assets, ultimately controlled by the French banking
              group BPCE. The assets managed by Keys are mainly located in France,
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 241, 21.6.2021, p. 20.
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---        for Accor: a hotel group whose shares are listed on NYSE Euronext Paris. Accor
        is mainly active in the hotel sector as a hotel manager and franchisor in Europe,
        Asia, the Middle East, Africa, North and Central America and South America.
        Accor also marginally runs a casino business,
       for Hotel Portfolio: consists of 17 trading hotels and 6 pipeline hotels, mostly of
        the upper midscale and upscale comfort categories, located in Austria (Vienna),
        Denmark (Copenhagen), Germany (Berlin, Cologne, Duesseldorf, Frankfurt,
        Hamburg, Munich), France (Bordeaux, Hossegor, Lyon, Marseille, Paris), Italy
        (Florence) and Switzerland.
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(c) and 6 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)
                                                   Olivier GUERSENT
                                                   Director-General
4  OJ C 366, 14.12.2013, p. 5.
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