CELEX: 32019M9631
Language: en
Date: 2019-12-16 00:00:00
Title: Commission Decision of 16/12/2019 declaring a concentration to be compatible with the common market (Case No COMP/M.9631 - KENNEDY-WILSON HOLDINGS / AXA GROUP / JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 16.12.2019
                                                                C(2019) 9304 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9631 – KENNEDY-WILSON HOLDINGS / AXA 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 21 November 2019, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which 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 of three newly created companies (together, ‘the JV’,
        Ireland) by way of purchase of shares.3
2.      The business activities of the undertakings concerned and the JV are:
             for Kennedy Wilson: real estate investment, development and management,
             for AXA: life, health and other forms of insurance, as well as investment
              management,
             for the JV: management of private rented accommodation, retail and office space
              in County Dublin, Ireland.
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
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 403, 29.11.2019, p. 67.
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--- 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
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