Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,  BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels,  16.6.2021 
C(2021)  4514 final  
PUBLIC VERSION 
I Squared Capital Advisors  LLC  
600 Brickell Ave Penthouse  
FL 33131, Miami  
United States  
 
TDR Capital LLP  
20 Bentinck Street  
Wl U 2EU,  London 
United Kingdom  
Subject : Case M. 10256 – I SQUARED CAPITAL / TDR CAPITAL / AGGREKO  
Commission decision pursua nt to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 19 May 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  the 
undertakings I Squared Capital Advisors LLC (United States),  and TDR Capital LLP 
(United Kingdom)  acquire within the meaning of Articl e 3(1)(b) of the Merger 
Regulation indirect joint control over the whole of the undertaking Aggreko plc 
(United Kingdom)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 — for I Squared Capital: g lobal infrastructure investment manager focusing on 
sectors such as energy, utilities, telecom, healthcare and transport in North America, Europe and other economies around the world.  
 — for TDR Capital: p rivate equity firm investing in a variety of sectors 
including motor fuels retail, gyms and health clubs, car washes, vacant 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Funct ioning 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.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 201, 28.5.2021 , p. 13. 

2 property services, modular construction, pubs and restaurants, and social 
housing refurbishment services, in particular in the UK.  
 
— for Aggreko: c ompany active in the rental of generato rs and related  power 
equipment, and temperature control  equipment on a temporary basis, as well 
as the provision of associated services to customers around the world across 
a range of sectors, including oil and gas, events, manufacturing and mining, 
building services and construction.  
 
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 Agre ement . 
For the Commission  
 
 (Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5.