CELEX: 32019M9354
Language: en
Date: 2019-08-29 00:00:00
Title: Commission Decision of 29/08/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9354 - AXA S.A. / NN Group N.V.) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 29.08.2019
                                                                C(2019) 6384 final
                                                                             PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9354 – AXA / NN GROUP / JV
                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 5 August 2019, the Commission received notification of a proposed concentration
        pursuant to Article 4 of Council Regulation (EC) No 139/2004 of the Merger
        Regulation by which Lindisfarne S.L. (Spain), ESI One S.à.r.l. (France), Alterimmo
        Europe S.à.r.l. (France), all ultimately controlled by AXA S.A (“AXA”, France), and
        REI Spain B.V. (The Netherlands), a wholly owned subsidiary of NN Group N.V.
        (“NN Group”, the Netherlands), indirectly acquire within the meaning of Article
        3(1)(b) and 3(4) of the Merger Regulation joint control of a newly created joint
        venture.3
2.      The business activities of the undertakings concerned are:
          -    for AXA: a global insurance group also active in investment management.
               Lindisfarne S.L., ESI One S.à.r.l., Alterimmo Europe S.à.r.l. are active in real
               estate management in Spain and in Europe,
          -    for NN Group: a global financial institution offering investment and insurance
               services. REI Spain B.V. is active in acquiring, holding and managing real estate
               assets in Europe,
          - for the JV: will be active on the market for rental of residential space in Spain.
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
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 271, 13.08.2019, p. 73.
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---    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 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
4  OJ C 366, 14.12.2013, p. 5.
                                              2