CELEX: 32021M10453
Language: en
Date: 2021-10-07 00:00:00
Title: Commission Decision of 07/10/2021 declaring a concentration to be compatible with the common market (Case No COMP/M.10453 - BLACKSTONE / FRANCISCO / DYNAMO) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                 Brussels, 7.10.2021
                                                                 C(2021) 7368 final
                                                                                 PUBLIC VERSION
                                                                 Blackstone Inc.
                                                                 345 Park Avenue
                                                                 10154 New York, NY
                                                                 United States of America
                                                                 Francisco Partners Management, L.P.
                                                                 One Letterman Drive, Building C,
                                                                 Suite 410
                                                                 94129 San Francisco
                                                                 United States of America
Subject:        Case M.10453 — Blackstone / Francisco / Dynamo
                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 15 September 2021, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Blackstone,
        Inc. (“Blackstone”, United States of America) and Francisco Partners Management,
        L.P. (“Francisco Partners”, United States of America) acquire within the meaning of
        Articles 3(1)(b) and 3(4) of the Merger Regulation joint control over the whole of the
        undertaking Dynamo Software Group (“Dynamo”, United States of America) by way
        of purchase of shares.3
2.      The business activities of the undertakings concerned are:
             for Blackstone: asset management across a wide range of assets classes including
              private equity, real estate, public debt and equity, growth equity, opportunistic,
              non-investment grade credit, real assets and secondary funds,
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 387, 24.09.2021, p. 17.
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 Francisco Partners: private equity investments exclusively focused on
        technology and technology-enabled businesses,
       for Dynamo: software for alternative asset management companies and provision
        of a cloud-based solution that helps investors and alternative asset managers
        maintain investor relationships through compliance document submissions,
        interested party mapping, account statements.
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 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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