Prior Notification of Concentration Case M.12322

EC State Aid Cases

Published February 25th, 2026

Detected March 11th, 2026

Summary

The European Commission has published a prior notification of a concentration case (M.12322) involving NEUBERGER, ARES, ONEX, FOUNDER, and RYAN. This case is a candidate for the simplified procedure, indicating a potentially straightforward review process.

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What changed

This document is a prior notification of a concentration case (M.12322) submitted to the European Commission, involving entities identified as NEUBERGER, ARES, ONEX, FOUNDER, and RYAN. The notification indicates that this case is being considered for a simplified procedure, which typically applies to concentrations that do not raise competition concerns.

Companies involved in mergers or acquisitions within the EU that meet the criteria for notification must ensure they submit the appropriate documentation. While this specific notification does not impose immediate new obligations, it signifies the initiation of a regulatory review process. Companies should be aware of the potential for simplified procedures in cases that are unlikely to harm competition.

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Prior notification of a concentration (Case M.12322 – NEUBERGER / ARES / ONEX / FOUNDER / RYAN) – Candidate case for simplified procedure

PUB/2026/207

OJ C, C/2026/1247, 25.2.2026, ELI: http://data.europa.eu/eli/C/2026/1247/oj (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)

ELI: http://data.europa.eu/eli/C/2026/1247/oj

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| | Official Journal
of the European Union | EN

C series |

| | C/2026/1247 | 25.2.2026 |
Prior notification of a concentration

(Case M.12322 – NEUBERGER / ARES / ONEX / FOUNDER / RYAN)

Candidate case for simplified procedure

(Text with EEA relevance)

(C/2026/1247)

On 16 February 2026, the Commission received notification of a proposed concentration pursuant to Article 4 and following a referral pursuant to Article 4(5) of Council Regulation (EC) No 139/2004 (1). This notification concerns the following undertakings:

| — | NB Alternatives Advisers LLC (‘Neuberger’, USA), controlled by Neuberger Berman Group LLC, |

| — | Onex Corporation (‘Onex’, Canada), a company listed on the Toronto Stock Exchange, |

| — | Ares Management Corporation (‘Ares’, USA), a company listed on the New York Stock Exchange, |

| — | G. Brint Ryan (‘Founder’, USA), a private individual who is the founder of Ryan, |

| — | Ryan, LLC (‘Ryan’, USA), controlled by Onex, Ares and Founder. |
Neuberger, Onex, Ares, and the Founder will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Ryan.

The concentration is accomplished by way of purchase of shares.

The business activities of the undertakings concerned are the following:
| — | Neuberger is an affiliate of the Neuberger Group, which is a US-based private, employee-owned global investment manager founded in 1939, that manages equities, fixed income, private equity, real estate, and hedge fund portfolios for institutions, advisors, and individuals. |

| — | Ares is a US-based global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. |

| — | Onex is a Canadian-based corporation listed on the Toronto Stock Exchange that invests in companies directly and through a number of private equity funds. |

| — | The Founder, Mr. Ryan, controls and has minority investments in other businesses that collectively generate immaterial revenues solely in the US. |

| — | Ryan is a tax services and consulting firm and provider of tax management software solutions. |
3.

On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.

The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission. Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:

M.12322 – NEUBERGER / ARES / ONEX / FOUNDER / RYAN

Observations can be sent to the Commission by email or by post. Please use the contact details below:

Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:

(2) OJ C 160, 5.5.2023, p. 1.

ELI: http://data.europa.eu/eli/C/2026/1247/oj

ISSN 1977-091X (electronic edition)

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