EUROPEAN COMMISSION DG Competition

Case M.9658 - DAIWA SECURITIES GROUP / AQUILA HOLDING / AQUILA CAPITAL HOLDING

Only the English text is available and authentic.

REGULATION (EC) No 139/2004 MERGER PROCEDURE

Article 6(1)(b) NON-OPPOSITION Date: 22/01/2020

In electronic form on the EUR-Lex website under document number 32020M9658

EUROPEAN COMMISSION

Brussels, 22.1.2020 C(2020) 438 final

PUBLIC VERSION

To the notifying parties

Dear Sir or Madam,

1.1. On 19 December 2019, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which Daiwa Securities Group Inc. (“Daiwa”, Japan) and Aquila Holding GmbH (“Aquila Holding”, Germany) acquire within the meaning of Article 3(1)(b) and Article 3(4) of the Merger Regulation joint control of the whole of Aquila Capital Holding GmbH (“Aquila Capital”, Germany) by way of purchase of shares.

2. The business activities of the undertakings concerned are:

- Daiwa is a financial services company listed on the Tokyo Stock Exchange, which provides a broad range of financial services;

- Aquila Holding is a privately-owned holding company, whose sole purpose is to hold shares in Aquila Capital. Aquila Holding’s shareholders have other controlling investments in different businesses;

- Aquila Capital is an asset and investment manager focusing on long-term and sustainable investment solutions.

2.3. After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of

1OJ 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.

2OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).

3Publication in the Official Journal of the European Union No C 002, 6.1.2020, p. 2.

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.

4.paragraph 5(c) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.

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

4OJ C 366, 14.12.2013, p. 5.

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