EU Merger Control: Neuberger/Ares/Onex/Founder/Ryan Decision

EUROPEAN COMMISSION DG Competition Case M.12322 - NEUBERGER / ARES / ONEX / FOUNDER / RYAN Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 10/03/2026 In electronic form on the EUR-Lex website under document number 32026M12322

EUROPEAN COMMISSION Brussels, 10.3.2026 C(2026) 1760 final PUBLIC VERSION NB Alternatives Advisers LLC 1290 Avenue of the Americas 41st Floor New York, NY 10104 United States Ares Management Corporation 1800 Avenue of the Stars Suite 1400 Los Angeles, CA 90067 United States Onex Corporation 161 Bay Street, Suite 4900 Toronto, ON M5J 2S1 Canada G. Brint Ryan 8101 Windrose Avenue Suite 2000 Plano, Texas 75024 United States Subject: Case M.12322 – NEUBERGER / ARES / ONEX / FOUNDER / RYAN Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004 ( ) and Article 57 of the Agreement on the European Economic Area ( ) Dear Sir or Madam, (1) On 16 February 2026, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation, by which () OJ 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. () OJ L 1, 3.1.1994, p. 3 (the ‘EEA Agreement’).

NB Alternatives Advisers LLC (‘Neuberger’, USA), controlled by Neuberger Berman Group LLC, Onex Corporation (‘Onex’, Canada), Ares Management Corporation (‘Ares’, USA), and G. Brint Ryan (‘Founder’, USA), a private individual who is the founder of Ryan LLC (‘Ryan’, USA), will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of Ryan, currently jointly controlled by Onex, Ares and the Founder, by way of purchase of shares. ( ) (2) 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, 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) After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraphs 5(b) and (c) of the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004. () (4) For the reasons set out in the Notice on a simplified treatment, 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) Linsey MCCALLUM Director-General (acting) Directorate-General for Competition () OJ C, C/2026/1247, 25.2.2026. () OJ C 160, 5.5.2023, p. 1 (the ‘Notice on a simplified treatment’).