# m8670.docx

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EUROPEAN COMMISSION

Brussels, 17.11.2017

PUBLIC VERSION

C(2017) 7817 final

C(2017) 7817 final

To the notifying parties

To the notifying parties

Subject:Case M.8670 – CDPQ / GE / JV 

  Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC) No 139/2004
  1
  and Article 57 of the Agreement on the European Economic Area
  2

Subject

:

Case M.

8670

–

CDPQ / GE / JV

Commission decision pursuant to Article 6(1)(b) of Council Regulation (EC)

No

139/2004

1

and Article 57 of the Agreement on the European Economic Area

2

Dear Sir or Madam,

Dear Sir or Madam,

1.On 20 October 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertakings Caisse de dépôt et placement du Québec (‘CDPQ’, Canada) and GE Capital Aviation Services Limited (‘GECAS’, Ireland/USA), ultimately controlled by General Electric Company (‘GE’, USA), acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of the whole of Einn Volant Aircraft Leasing Holdings Ltd. (‘EVAL’, Ireland), by way of purchase of shares in a newly created company constituting a joint venture.
  3

1.

On 20 October 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertakings

Caisse

de

dépôt

et place

ment du Québec (‘CDPQ’, Canada)

and GE Capital Aviation Services Limited (‘GECAS’, Ireland/USA), ultimately controlled by General Electric Company (‘GE’, USA)

,

acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of the whole of

Einn

Volant Aircraft Leasing Holdings Ltd. (‘EVAL’, Ireland), by way of purchase of shares in a newly created company constituting a joint venture.

3

2.The business activities of the undertakings concerned are:

2.

The business activities of the undertakings concerned are:

- for CDPQ: institutional investor managing funds primarily for public and para-public pension and insurance plans.

-

for CDPQ

: institutional investor managing funds primarily for public and para-public pension and insurance plans.

- for GE: broad and diversified activities, including GECAS which is active in the global commercial aircraft leasing and financial industry.

-

for GE

: broad and diversified activities, including GECAS which is active in the global commercial aircraft leasing and financial industry.

- for EVAL: acquisition and leasing of aircraft.

-

for EVAL

: acquisition and leasing of aircraft.

3.After examination of the notification, the European Commission has concluded that the notified operation falls within the scope of the Merger Regulation and of paragraph 5(a) of the Commission Notice on a simplified procedure for treatment of certain concentrations under Council Regulation (EC) No 139/2004.
  4

3.

After examination of the notification, the

European

Commission has concluded that the notified operation falls within the scope of

the

Merger

Regulation

and of

paragraph 5

(

a

)

of

the Commission Notice on a simplified procedure for treatment of certain concentrations under

Council Regulation (EC)

No

139/2004

.

4

4.For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it compatible with the internal market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of the Merger Regulation and Article 57 of the EEA Agreement.

4.

For the reasons set out in the Notice on a simplified procedure, the

European

Commission has decided not to oppose the notified operation and to declare it compatible with the

internal

market and with the EEA Agreement. This decision is adopted in application of Article 6(1)(b) of

the

Merger

Regulation

and Article 57 of the EEA Agreement

.

For the Commission

For the Commission

(Signed)

(Signed)

Johannes LAITENBERGER
  Director-General

Johannes LAITENBERGER

Director

-

General

(1)


     OJ L 24, 29.1.2004, p. 1 (the 'Merger Regulation'). With effect from 1 December 2009, the Treaty on the Functioning of the European Union ('TFEU') has introduced certain changes, such as the replacement of 'Community' by 'Union' and 'common market' by 'internal market'. The terminology of the TFEU will be used throughout this decision.

OJ C 366, 14.12.2013, p. 5.