Decision Nº M/13/001 from Competition and Consumer Protection Commission, 2013-05-09

• Jurisdiction: Ireland
• Parties: BlackRock, Inc.,Credit Suisse AG (on behalf of CS ETF Business)
• Date: 09 May 2013
• Decision Number: M/13/001
• Decision Date: 09 May 2013
• Court: Commissioner for Environmental Information

Merger Notification M/13/001 – BlackRock / CS ETF Business

DETERMINATION OF MERGER NOTIFICATION M/13/001 – BlackRock

/ CS ETF Business

Section 21 of the Competition Act 2002

Proposed acquisition by BlackRock Inc of the Exch ange Traded Funds

business of Credit Suisse AG

Dated 9/05/2013

Introduction

1. On 8 February 2013, in accordanc e with Section 18(1)(a) of the

Competition Act, 2002 (“the Act”), the Competition Authority (“the

Authority”) received a notification of a proposed acquisition of sole

control by BlackRock Inc, through a number of indirectly held

subsidiaries (together referred to as "BlackRock”), of the exchange

traded fund business of Credit Suisse Group AG and its subsidiaries

(“Credit Suisse”).

The Undertakings Involved

Acquirer

2. BlackRock is a U.S. publicly traded company active i n the provision of

global investment management, risk management and advi sory

services to institutional and retail clients around the w orld.

3. BlackRock manages assets on behalf of institutional and individual

investors worldwi de through a variety of fixed income, cash

management, equity and balanced and alternative investment separate

accounts and funds. BlackRock is especially involved i n the passive

asset management business, vi a various products including Exchange

Traded Funds (“ETFs”). In addition, through BlackRock Solutions,

BlackRock offers risk management and advisory servi ces.

4. BlackRock provides its asset management services, i ncluding passive

asset management products, through its network of account sales

managers and through a variety of financial intermediaries (banks,

brokers, insurance companies or other distributors).

5. iShares is BlackRock’s ETF platform. BlackRock acquired iShares as

part of i ts acquisi tion of BGI in 2009.

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iSh ares offers over 600 ETFs

globally across equities, fixed income and commodities, traded on 2 0

exchanges worldwide. According to Bl ackRock, the iShares customer

base consists of the institution al segment of pension plans and fund

managers, as well as the retail segment of financial advisors and hi gh

net worth individuals.

6. Within the State BlackRock operates through its two Irish domiciled

entities (i) BlackRock Asset Management Ireland Ltd, an authorised

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Case COMP/M.5580 – BlackRock/BGI.