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, 20.3.2020  
C(2020 ) 1874 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M .9722  – ASTERION  / SWISS / EDF / ENERGY ASSET  
Commission decision pursuant 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 24 February 2020 , the European Commission received notification of a proposed 
concentration  pursuant to Article 4 of the Merger  Regulation by which Asterion  
Industrial Partners SGEIC , S.A. (“Asterion”, Spain) , Swiss Life Asset Management 
AG (“SLAM”, Switzerland) and Electricité de France SA (“EDF”, France)  acquire 
within the meaning of Article 3(1)(b) of the Merger Regulation  joint control of the 
whole of  Energy Assets Group (“E AG”, United Kingdom ) by way of  purchase of 
shares .3 
2. The business activities of the undertakings concerned are:  
 Asterion is an independent investment management firm focusing on  European 
infrastructure,  
 SLAM is a leading European provider of comprehensive life and pensions and 
financial solutions to both individuals and corporations,  
 EDF is active on the electricity markets (production, wholesale, trading, 
transmission, distribution and supply) as well as in the provision of gas , waste 
recycling and energy services , 
 EAG is a provider of industrial and commercial gas and electricity metering and 
data services in Great Britain. EAG also provides multi -utility network 
construction and adoption services to residential and industrial an d commercial 
                                                 
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.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 072, 5.3.2020 , p. 6. 

2 within Great Britain.  EAG is currently jointly controlled by Alinda Capital 
Partners III Ltd and Hermes GPE LLP.  
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 Europea n 
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  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .