Brussels, 22 March 2024
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by DWS Group GmbH & Co. KGaA (‘DWS’) of Germany, Galaxy Digital Labs LLC (‘Galaxy’) and Flow Traders Holding LLC (‘Flow Traders’), both of the US.
The transaction relates primarily to the issuance of Euro-denominated stablecoin.
The Commission concluded that the notified transaction would not raise competition concerns, given that the joint venture will have negligible activities in the European Economic Area. The notified 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.11439.
Source – EU Commission