# m8667.docx

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EUROPEAN COMMISSION

Brussels, 24.11.2017

C(2017) 7977 final

PUBLIC VERSION

To the notifying parties

To the notifying parties

Subject:Case M.8667 - DEUTSCHE ALTERNATIVE ASSET MANAGEMENT / M&G ALTERNATIVES INVESTMENT MANAGEMENT / 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.8667

-

DEUTSCHE ALTERNATIVE ASSET MANAGEMENT / M&G ALTERNATIVES INVESTMENT MANAGEMENT / 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 30 October 2017, the European Commission received notification of a proposed concentration pursuant to Article 4 of the Merger Regulation by which the undertakings Infracapital Greenfield Partners I LP (‘IGP’, UK), acting by its manager M&G Alternatives Investment Management Limited (‘MAGAIM’, UK) and belonging to the Prudential Group (UK), and Deutsche Alternative Asset Management (Global) Limited (‘DAAM’, UK), belonging to the Deutsche Bank Group (Germany), acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over Belmond JV (UK) by way of purchase of shares in this newly created company constituting a joint venture.
  3

1.

On

30 October 2017

, the

European

Commission received notification of a proposed concentration pursuant to Article

4

of

the

Merger

Regulation by

which

the undertakings

Infracapital

Greenfield Partners I LP (‘IGP’, UK), acting by its manager M&G Alternatives Investment Management Limited (‘MAGAIM’, UK)

and

belonging to the Prudential Group (UK)

,

and Deutsche Alternative Asset Management (Global) Limited (‘DAAM’, UK), belonging to the Deutsche Bank Group (Germany)

,

acquire within the meaning of Article 3(1)(b)

and 3(4)

of the Merger Regulation joint control over

Belmond JV

(UK

) by way

of purchase of shares

in this new

ly

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 MAGAIM: a wholly owned indirect subsidiary of Prudential plc, a financial services group headquartered in the UK. M&G Investments is the investment management division of Prudential plc in Europe. IGP is an investment fund set up to invest in greenfield infrastructure assets across Europe,

-

for

MAGAIM: a wholly owned indirect subsidiary of Prudential plc, a financial services group headquartered in the UK. M&G Investments is the investment management division of

Prudential

plc in Europe. IGP is an investment fund set up to invest in greenfield infrastructure assets across Europe,

-for DAAM: an affiliate of Deutsche Bank, which is a global provider of financial services. DAAM provides investment management and fund management services,

-

for

DAAM: an affiliate of Deutsche Bank, which is a global provider of financial services. DAAM provides investment management and fund management services,

-for Belmond JV: will be established as a new full-function joint venture for the purposes of making specified investments related to the West Midlands rail franchise in Great Britain, including operational leasing of rolling stock and, potentially, associated ancillary capital investments.

-

for Belmond JV: will be established as a new full-function joint venture for the purposes of making specified investments related to the West Midlands rail franchise in Great Britain, including operational leasing of rolling stock and, potentially, associated ancillary capital investments.

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(b) 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

(

b

)

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.