EC State Aid Case M.12322: Non-opposition to Concentration

EC State Aid Cases

Published March 17th, 2026

Detected March 18th, 2026

Summary

The European Commission has issued a notice regarding State Aid Case M.12322, concerning the concentration involving NEUBERGER, ARES, ONEX, FOUNDER, and RYAN. The Commission has decided not to oppose this notified concentration.

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The European Commission has published a notice indicating non-opposition to a notified concentration, identified as Case M.12322, involving NEUBERGER, ARES, ONEX, FOUNDER, and RYAN. This decision signifies that the Commission has reviewed the proposed concentration and found no grounds to raise objections under the EU's State Aid rules.

This notice is primarily informational for the parties involved and the public. As the Commission has not opposed the concentration, it is permitted to proceed. There are no immediate compliance actions required for regulated entities outside of those directly involved in the transaction, as this is a notification of a decision rather than a new rule or enforcement action.

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Non-opposition to a notified concentration (Case M.12322 – NEUBERGER / ARES / ONEX / FOUNDER / RYAN)

C/2026/1760

OJ C, C/2026/1697, 17.3.2026, ELI: http://data.europa.eu/eli/C/2026/1697/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/2026/1697/oj

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| | Official Journal
of the European Union | EN

C series |

| | C/2026/1697 | 17.3.2026 |
Non-opposition to a notified concentration

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

(Text with EEA relevance)

(C/2026/1697)

On 10 March 2026, the Commission decided not to oppose the above notified concentration and to declare it compatible with the internal market. This decision is based on Article 6(1)(b) of Council Regulation (EC) No 139/2004 (1). The full text of the decision is available only in English and will be made public after it is cleared of any business secrets it may contain. It will be available:

| — | in the merger section of the ‘Competition policy’ website of the Commission (https://competition-cases.ec.europa.eu/search). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes, |

| — | in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/homepage.html?locale=en) under document number 32026M12322. EUR-Lex is the online point of access to European Union law. |
(1) OJ L 24, 29.1.2004, p. 1.

ELI: http://data.europa.eu/eli/C/2026/1697/oj

ISSN 1977-091X (electronic edition)

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