CELEX: 32020M9948
Language: en
Date: 2020-12-10 00:00:00
Title: Commission Decision of 10/12/2020 declaring a concentration to be compatible with the common market (Case No COMP/M.9948 - ALLIANZ / GE / JV) according to Council Regulation (EC) No 139/2004 (Only the English text is authentic)

EUROPEAN COMMISSION
                                                                Brussels, 10.12.2020
                                                                C(2020) 9150 final
                                                                                 PUBLIC VERSION
                                                                To the notifying parties
Subject:        Case M.9948 - ALLIANZ / GE / 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 16 November 2020, the European Commission received notification of a proposed
        concentration pursuant to Article 4 of the Merger Regulation by which Pacific
        Investment Management Company LLC ("PIMCO", United States), ultimately
        controlled by Allianz SE (Germany) and GE U.S. Equity Holdings Inc. and GE
        Capital Aviation Services Limited (together with their applicable affiliates “GECAS”,
        United States), ultimately controlled by General Electric Company (United States)
        acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint
        control of a newly created company constituting a joint venture (the “JV”) by way of
        purchase of shares.3
2.      The business activities of the undertakings concerned are:
              for PIMCO: a portfolio management firm which manages assets for central
                 banks, sovereign wealth funds, pension funds, corporations, foundations and
                 endowments and individual investors around the world,
              for GECAS: active in the provision of a broad array of financing products and
                 services with respect to these assets, including operating leases,
                 purchase/leasebacks, capital markets, and airframe parts management,
              for the JV: acquisition, leasing and sale of aircraft at world wide level.
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 402, 25.11.2020, p. 7.
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--- 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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