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, 4.2.2019  
C(2019 ) 737 final  
 
 
 
 
To the notifying parties   
 
Subject : Case M.9230 – ALLIANZ / DIF / INFRARED CAPITAL PARTNERS / 
DAIWATER    
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 10 January  2019 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which Allianz 
Infrastructure Luxembourg I S.A.R.L. (Luxembourg), controlled by Allianz SE 
(Germany),  Infrastructure Investments (Affinity) Limited  (England and Wales ), controlled 
by InfraRed Capit al Partners (Holdco) Limited  (“InfraRed”, UK)  and DIF Tamblin 
Limited (England and Wales), controlled by DIF Management Holding BV (‘DIF’ the 
Netherlands) acquire, within the meaning of Article 3(1)(b) of the Merger Regulation, joint 
control over the whole  of Daiwater Investment Limited (‘Daiwater’, UK). The 
concentration is accomplished by way of contract .3 
2. The business activities of the undertakings concerned are:  
 Allianz SE is the parent company of the Allianz Group which is a global financial 
services group active in insurance and asset management,  
 DIF is an independent fund management company,  
 InfraRed is an investment manager focused on infrastructure and real estate,  
                                                 
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 24, 21.01.2019 , p. 19. 
PUBLIC VERSION  
2  Daiwater is the holding company of Affinity Water Limited (‘AWL’) and Affinity for 
Business (Retail) Limited (‘AfB’). The principal activities of these entities relate to the 
provision of water supply and, in the case of AfB only, sewage systems as well.  
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 applicat ion of 
Article 6(1)(b) of the Merger  Regulation  and Article 57 of the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Johannes LAITENBERGER  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .