Mergers: Commission clears creation of joint venture between Saudi Aramco Development Company and Cognite
Daily News 10 / 05 / 2021
Source: European Commission Spokesperson's Service
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture between Saudi Aramco Development Company (‘SADC’) of Saudi Arabia and Cognite of Norway. The joint venture will be active in digital transformation services as well as cloud products and their related professional services in Saudi Arabia. SADC is a wholly owned subsidiary of the Saudi Arabian Oil Company (‘Saudi Aramco’) of Saudi Arabia. Saudi Aramco explores, produces and markets crude oil, and produces and markets refined products and petrochemicals. Cognite is a software provider that offers data services and industrial artificial intelligence services. The Commission concluded that the proposed acquisition would raise no competition concerns given that the joint venture will not be active in the European Economic Area. The transaction was examined under the simplified merger review procedure. More information is available on the Commission's competition website, in the public case register under the case number M.10182.