JLL and PIF acquire joint control of FMTECH

Detected March 30th, 2026

Summary

The European Commission received a merger notification (M.12358) under Council Regulation No. 139/2004 for JLL Co-Investment and Saudi Arabia's Public Investment Fund (PIF) to acquire joint control of FMTech, a Saudi facilities management company currently solely controlled by PIF. JLL is a Chicago-based global commercial real estate and investment management company.

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What changed

The Commission received notification of a proposed concentration under Article 3(1)(b) of Council Regulation No. 139/2004 (EU Merger Regulation). JLL Co-Investment and PIF will acquire joint control over FMTech, a Saudi facilities management company currently solely controlled by PIF. JLL operates globally in commercial real estate and investment management, while PIF is the Saudi Arabian sovereign wealth fund with investments across multiple sectors including real estate and logistics.

The transaction constitutes a notifiable concentration under EU merger control rules. The parties must await Commission clearance before completing the merger. The Commission will assess whether the concentration raises competition concerns under the EU Merger Regulation.

Source document (simplified)

Disclaimer : The Competition DG makes the information provided by the notifying parties in section 4 of Short 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.12358 - JLL / PIF / FMTECH SECTION 4 Description of the concentration The Commission hereby received a notification concerning the acquisition of joint control within the meaning of Article 3(1)(b) of Council Regulation No. 139/2004 by Jones Lang Lasalle Co-Investment, Inc. (“JLL Co-Investment”) and The Public Investment Fund

(“PIF”) over The Saudi Facility Management Company (“FMTech” or the “Target”, a

company currently solely controlled by PIF). As a result, following completion, JLL Co-Investment and PIF will acquire joint control over FMTech. JLL Co-Investment, headquartered in Chicago, Illinois (USA), is a specific entity within the

Jones Lang LaSalle Incorporated group (“JLL”), focused on investment management,

offering services like portfolio management and financial planning in the US and globally. JLL, headquartered in Chicago, Illinois (USA), is a global commercial real estate and investment management company. PIF is the Saudi Arabian sovereign wealth fund of the Kingdom Saudi Arabia. Under the Law

of the Public Investment Fund issued in April 2019, PIF’s mandate is to invest its assets in

accordance with the highest standards to maximize returns for the benefit of the public

welfare, to support Saudi Arabia’s economic development, and to diversify its sources of

income, in the interest of future generations. It has direct and indirect investments in a number of sectors across Saudi Arabia and globally, including food and agriculture, energy, the financial sector, manufacturing, real estate, logistics and digital sectors. PIF is an instrumentality of Saudi Arabia with financial autonomy, as well as independence, in carrying out its investment management and day to day operational activities. FMTech is a Saudi facilities management company, based in Riyadh, active in Saudi Arabia

offering integrated facility management (“FM”) services and FM consultancy services at scale

and quality.