EUROPEAN COMMISSION DG Competition

Case M.8596 - COLINDALE / GOLDMAN SACHS / JRE

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 05/09/2017

In electronic form on the EUR-Lex website under document number 32017M8596

EUROPEAN COMMISSION

Brussels, 5.9.2017 C(2017) 6101 final

PUBLIC VERSION

To the Notifying Parties

Dear Sir or Madam,

1.1. On 11 August 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which Colindale Investment Private Limited ("Colindale") (Singapore), indirectly controlled by GIC Private Limited ("GIC" Singapore), and JLQ2 GK (JLQ2) a wholly-owned subsidiary of The Goldman Sachs Group, Inc. ("Goldman Sachs") (USA) acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of the undertaking GS Renewable Holdings GK ("GSRH"), which is the 100% parent of Japan Renewable Energy Corporation ("JRE") (Japan) by way of a purchase of shares.

2. The business activities of the undertakings concerned are:

-− Colindale is an investment vehicle managed by GIC Special Investments Private Limited ("GICSI"). GICSI is a subsidiary of GIC Private Limited (GIC and together with all of GIC’s group companies, the "GIC Group"). GICSI manages a diversified global portfolio of investments in private equity, venture capital and infrastructure funds, as well as direct investments in private companies;

-− Goldman Sachs is a global investment banking, securities and investment management firm that provides a range of banking, securities and investment services;

-− JRE is a developer, owner and operator of renewable energy projects with business activities solely in Japan.

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 276,19/8/2017, p. 3.

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.

3.3. 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(a) 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

4 OJ C 366, 14.12.2013, p. 5.

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