The European Commission has approved, under the EU Merger Regulation, the acquisition of the retail and operating assets of J.C.Penney Company Inc. (‘JCPenney’) of the U.S. by Brookfield Asset Management Inc. (‘Brookfield’) of Canada and Simon Property Group, Inc. (‘Simon’) of the U.S.
JCPenney is an American retail company selling family apparel, footwear, accessories, jewellery, beauty products and home furnishings through its US-based department stores and website. Brookfield is a global asset manager focusing on real estate, infrastructure, renewable power and private equity. Simon is a real estate investment trust that owns, develops and manages premier shopping, dining, entertainment and mixed-use destinations.
The Commission concluded that the proposed acquisition would raise no competition concerns given that JCPenney has no actual or foreseen activities within the European Economic Area. The transaction was examined under the simplified merger review procedure.