# m8567.docx

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EUROPEAN COMMISSION

Brussels, 16.8.2017

C(2017) 5775 final

PUBLIC VERSION

To the notifying parties

To the notifying parties

Subject:Case M.8567 – APG / PORTFOLIO

  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.

8567

–

APG

/ PORTFOLIO

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 July 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertaking APG Asset Management N.V. (‘APG’, of the Netherlands) indirectly acquires within the meaning of Article 3(1)(b) of the Merger Regulation control over a portfolio of forty-eight European infrastructure companies (the ‘Portfolio’), by way of purchase of shares.
  3

1.

On

20

July 2017

,

the

European

Commission received notification of a proposed concentration pursuant to Article 4 of

the

Merger

Regulation by which

the undertaking APG Asset Management N.V. (‘APG’, of the Netherlands) indirectly acquires within the meaning of Article 3(1

)(

b) of the Merger Regulation control over a portfolio of forty-eight European infrastructure companies (the ‘Portfolio’), by way of purchase of shares

.

3

2.The business activities of the undertakings concerned are:

2.

The business activities of the undertakings concerned are:

-   for APG: is the asset management business unit of APG GROEP N.V., a collective pensions scheme provider. APG carries out the executive consultancy, asset management, pension administration and communication for pension funds in the field of collective pensions, for around 4,5 million Dutch citizens,

-

for APG

: is the asset management business unit of APG GROEP N.V., a collective pensions scheme provider. APG carries out the executive consultancy, asset management, pension administration and communication for pension funds in the field of collective pensions, for around 4,5 million Dutch citizens,

-   for the Portfolio: consisting of DIF’s interest in forty eight companies/projects active in the infrastructure sector in Belgium, France, Germany, Ireland, the Netherlands, and the UK.

-

for the Portfolio

: consisting of DIF’s interest in forty eight companies/projects active in the infrastructure sector in Belgium, France, Germany, Ireland, the Netherlands, and the UK.

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(c) 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

(

c

)

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

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.