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<MERGERS: Commission clears the acquisition of Banco Popular's real estate business by Blackstone

Mergers: Commission clears the acquisition of Banco Popular's real estate business by Blackstone

The European Commission has approved, under the EU Merger Regulation, the acquisition of control over the real estate business of Banco Popular Español S.A. of Spain by The Blackstone Group L.P. of the US. Banco Popular is a wholly-owned subsidiary of Banco Santander. Its real estate business mostly comprises the Spanish portfolio of repossessed properties, non-performing loans relating to the real estate sector, and certain assets, as well as the operations of Banco Popular's real estate management company, Aliseda. Blackstone is a global asset manager. The Commission concluded that the proposed acquisition would raise no competition concerns because of the limited overlap between the companies' activities. The transaction was examined under the simplified merger review procedure. More information is available on the Commission's competition website, in the public case register under the case number M.8679.

Source: European Commission