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<MERGERS: Commission Approval / FIZZ / Allianz / NN Group

Commission clears acquisition of certain student housing facilities in Germany by Allianz and NN Group

The European Commission has approved under the EU Merger Regulation the acquisition of joint control over the FIZZ Student Housing Fund SCS of Luxembourg by Allianz SE of Germany, the ultimate holding company of the Allianz Group, and the NN Group N.V. of Netherlands. As part of the transaction, FIZZ Student Housing Fund SCS will acquire 94% of the fixed capital limited partnership shares in each of 1C FIZZ Berlin GmbH & Co. KG, 1C FIZZ Hannover GmbH & Co. KG, 1C FIZZ Frankfurt GmbH & Co. KG, and 1C FIZZ Darmstadt GmbH & Co. KG (the "Target Companies"). The Fizz Student Housing Fund is a limited partnership newly established under the laws of the Grand-Duchy of Luxembourg and qualifies as an externally managed alternative investment fund. The Target Companies own and operate student housing facilities in Berlin, Darmstadt, Frankfurt and Hannover (Germany) with a total of 1,238 individual apartments. The Allianz Group is a multinational financial services provider which is active worldwide in the insurance and asset management business. NN is a global financial institution of Dutch origin offering investment and insurance services. The Commission concluded that the proposed acquisition would raise no competition concerns, because of its very limited impact on the market structure. 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.8243.

Source: European Commission