PT
Autoridade da Concorrência

Case details

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Merger control
Case reference
Ccent/2026/73 - GSAM / LCN
Acquiring
GSAM Lucerne Holdings, L.P.
Description
A financial institution operating in the areas of investment banking, capital markets and asset management, providing a range of financial services to a diverse client base. In Portugal, Goldman Sachs operates in various sectors, including IT and software services, healthcare, engineering, energy, telecommunications, environment and infrastructure, professional services and consumer goods.
Acquired
LCN Capital Management, L.P.
Description
An independent North American private investment and asset management company focused on real estate investments in North America and Europe. In Portugal, its investments are in retail properties. Its activity is limited to investing in these properties and does not encompass the commercial activities carried out by their respective tenants.
Sector
Activity (NACE)
Applicable legislation
Notification thresholds
Type of merger
Cooperation with sector regulators
Status
Ongoing
Type of Investigation
AdC’s decision
Case description

The merger operation consists of the acquisition, by The Goldman Sachs Group, Inc. (“Goldman Sachs”), of exclusive control over LCN Capital Management, L.P., and its subsidiaries (“LCN Capital”).
Timeline
2026-09-18
Goldman Sachs notifies the acquisition of exclusive control over LCN Capital
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