CELEX: 32019M9339
Language: en
Date: 2019-05-22 00:00:00
Title: Commission Decision of 22/05/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9339 - Kennedy Wilson / AXA) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 22.5.2019
                                                                C(2019) 3980 final
                                                                                      PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9339 – Kennedy Wilson/AXA/JV
                Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)
                                1                                                                             2
                No 139/2004 and Article 57 of the Agreement on the European Economic Area
Dear Sir or Madam,
1.      On 25 April 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which the undertakings
        Kennedy-Wilson Holdings, Inc. (‘Kennedy Wilson’, United States of America) and AXA
        S.A. (‘AXA’, France) acquire within the meaning of Articles 3(1)(b) and 3(4) of the
        Merger Regulation joint control over three newly created companies (together, the ‘JV’),
        which will acquire, hold, and manage private rented accommodation and office space in
        Ireland, by way of purchase of shares in the JV.3
2.      The business activities of the undertakings concerned are:
              for Kennedy Wilson: investment in, development, and management of real estate;
              for AXA: life, health and other forms of insurance, as well as investment
                 management.
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) 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
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 158, 10.05.2019, p. 13.
4       OJ C 366, 14.12.2013, 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--- 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)
                                               Johannes LAITENBERGER
                                               Director-General
                                             2