CELEX: 32016M7971
Language: en
Date: 2016-07-11 00:00:00
Title: Commission Decision of 11/07/2016 declaring a concentration to be compatible with the common market (Case No COMP/M.7971 - GOLDMAN SACHS / DEUTSCHE BANK / NBGI ASSETS) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

|[pic]                             |EUROPEAN COMMISSION                                                                                      |

                                        Brussels, 11.7.2016
                                        C(2016) 4574

                                        [pic]

                                        To the notyfing parties:
Dear Sirs,

Subject:    Case M.7971 - Goldman Sachs/ Deutsche bank/ NBGI assets
         Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004[1] and Article 57 of the Agreement on the
         European Economic Area[2]

 1. On 16 June 2016, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by
    which funds managed by Goldman Sachs Asset Management, L.P (“GSAM Funds”, USA) and funds managed by Deutsche  Alternative  Asset  Management
    (Global) Limited (“DAAM”, Germany), acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control over the  interests
    held by the National Bank of Greece S.A. in eleven UK and Guersney funds (the "Target").[3]

 2. The business activities of the undertakings concerned are:

  – GSAM: provision of investment advisory services and asset management, globally.

  – DAAM: investment management and fund management services, globally.

  – the Target: private  equity  funds  with  interests  in  various  portfolio  companies,  primarily  active  in  healthcare,  food/beverages,
    industrials, services and real estate, in Western, South Eastern and Central Europe as well as Turkey. The equity funds are namely NBGI  SEE
    Energy Fund L.P., NBGI SEE Real Estate Fund L.P., NBG Technology L.P., NBGI Technology Fund II L.P, NBG South Eastern Europe Fund L.P., NBGI
    SEE Development Capital Fund L.P., NBGI Turkish Private Equity Fund L.P., NBGI Private Equity France Fund L.P., NBG Private Equity Fund L.P.
    and NBGI Private Equity (Tranche II) L.P., NBGI Private Equity Fund II L.P.

 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)
                                        Johannes LAITENBERGER
                                        Director-General

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[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 227, 23.06.2016, p. 26.
[4]   OJ C 366, 14.12.2013, p. 5.

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                                                                  PUBLIC VERSION

                                                           SIMPLIFIED MERGER PROCEDURE