Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

M.10970 - FORTRESS INVESTMENT GROUP / AIR INVESTMENT VALENCIA / JV

SECTION 1.2

Description of the concentration

The Commission has received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (the EUMR). On 25 January 2022, Fortress Investment Group LLC and Air Investment Valencia S.L. notified their intention to acquire joint control over a newly formed full-function joint venture (the JV) within the meaning of Article 3(4) EUMR, to which the respective businesses of CityJet and Air Nostrum will be transferred. The transaction is a concentration within the meaning of Article 3(1) EUMR. This proposed concentration will be effected through an indirect acquisition of shares and rights in the newly created JV by Air Investment Valencia and investment funds advised and managed by Fortress Investment Group LLC and its affiliates.

The areas of activities of the undertakings concerned by the notified concentration are as follows:

Fortress Investment Group – Fortress is a global investment management firm based in New York, USA. Fortress manages assets on behalf of over 1,900 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. Fortress Investment Group is a subsidiary of SoftBank Group Corp., a listed Japanese holding company. SoftBank Group is headquartered in Tokyo, Japan and is the parent company of a global portfolio of subsidiaries and affiliates involved in advanced telecommunications, internet services, Internet of Things, robotics and clean energy technology providers.

Air Investment Valencia – Air Investment Valencia is a mere holding company based in Valencia, Spain, controlled by Mr. Carlos Bertomeu. Apart from Air Nostrum and the other businesses being contributed to the JV, Air Investment Valencia controls (i) Inversiones Líneas Aéreas Internacionales (a holding/consulting company dedicated to the design, management and control of projects and investments), Air Investment Valencia also jointly controls (ii) (through Maltair Holding, S.L.) Mediterranean Aviation Operations Company, Ltd (Melair) (an airline active in the operation of air routes between Europe and Africa, focusing on providing air transportation services to gas and oil companies, corporate customers and humanitarian organizations, mainly through charter flight and wet-lease services).

CityJet – CityJet is a European regional airline based in Dublin, Ireland, operating a fleet of 22 aircraft providing wet and damp lease services to other airlines across Europe.

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.

Air Nostrum – Air Nostrum is a regional airline based in Valencia, Spain, operating a fleet of 41 aircraft providing scheduled flight services under a franchise agreement with Iberia, charter services, and wet and damp lease and maintenance services to other airlines. Air Nostrum is currently solely controlled by Air Investment Valencia.

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.