CELEX: 32022M10480
Language: en
Date: 2022-02-17 00:00:00
Title: Commission Decision of 17/02/2022 declaring a concentration to be compatible with the common market (Case No COMP/M.10480 - GOLDMAN SACHS / NN INVESTMENT PARTNERS HOLDING) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                 Brussels, 17.2.2022
                                                                 C(2022) 1108 final
                                                                                  PUBLIC VERSION
                                                                 The Goldman Sachs Group, Inc.
                                                                 200 West St
                                                                 New York, NY 10282
                                                                 United States of America
Subject:        Case M.10480 – GOLDMAN SACHS / NN INVESTMENT PARTNERS
                HOLDING
                Commission decision pursuant to Article 6(1)(b) of Council Regulation
                (EC) No 139/20041 and Article 57 of the Agreement on the European
                                     2
                Economic Area
Dear Sir or Madam,
1.      On 26 January 2022, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which The Goldman
        Sachs Group, Inc. (‘Goldman Sachs’, US) acquires within the meaning of Article
        3(1)(b) of the Merger Regulation sole control over the whole of NN Investment
        Partners Holdings N.V.3 (‘NNIP’, Netherlands), controlled by NN Group N.V.
        (Netherlands), by way of purchase of shares.4
2.      The business activities of the undertakings concerned are:
             Goldman Sachs is a global investment banking, securities and investment
              management firm,
             NNIP is an asset management subsidiary of Netherlands-based insurance
              company NN Group N.V.
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        Including sole control of NN Investment Partners Funds Corporation (Poland SA) and joint control
         with Venn Partner Service Limited of Venn Hypotheken (Netherlands BV).
4        Publication in the Official Journal of the European Union No C 62, 4.2.2022 p. 16-17.
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---    paragraph 6 of the Commission Notice on a simplified procedure for treatment of
   certain concentrations under Council Regulation (EC) No 139/2004.5
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
5  OJ C 366, 14.12.2013, p. 5.
                                             2