Combination Registration No. C-2026/05/1420, DWS Group GmbH & Co. KGaA (‘DWS’) and Nippon Life India AIF Management Limited (‘NLIAIF’)

Proposed Transaction

DWS is a Deutsche Bank controlled asset manager. DB Beteiligungs-Holding GmbH, itself a wholly owned subsidiary of Deutsche Bank AG, holds 79.49% of DWS, with the balance traded on the Frankfurt Stock Exchange. NLIAIF manages AIFs in India and sits under Nippon Life India Asset Management Limited (‘NAMI’), of which Nippon Life Insurance Company, Japan holds 71.93%.

DWS subscribed to shares in NLIAIF resulting in an aggregate 40% shareholding. The notice was filed on May 11, 2026, and followed a share subscription agreement and a shareholders’ agreement, both dated March 14, 2026, the latter also executed with NAMI. A request for information was issued on May 22, 2026, and answered on June 8, 2026, and approval came on June 30, 2026.

CCI Findings

Vertical Overlaps: The CCI examined an existing vertical linkage between Deutsche Bank AG India’s custodian services upstream, where the parties’ share was in the [15-20]% band, and NLIAIF’s AIF management business downstream at [0-5]%. It also considered potential linkages between AIF management upstream and Deutsche Bank’s distribution of AIFs and Deutsche Equities India’s brokerage services downstream, where the acquirer group’s presence was insignificant. Neither ability nor incentive to foreclose was made out.