Brussel, België – The European Commission has approved under the EU Merger Regulation the proposed acquisition of two divisions of the Italian company Pirelli by the US investment bank Goldman Sachs. These two divisions, ‘Pirelli Cavi e Sistemi Energia’ and ‘Pirelli Cavi e Sistemi Telecom’, are active in the global production and sale of cable systems in the energy and telecommunications sectors. The Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.

The Commission found that no company controlled by Goldman Sachs is engaged in the EU in the same markets as those in which the acquired businesses are active, nor to any significant extent in related markets. Moreover, the acquired businesses face strong competition from companies such as Corning and DrakaComteq.

In view of the above, the Commission has decided not to oppose the operation.