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 -MERG ER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 11.08.2021  
C(2021 ) 6065 final  
PUBLIC VERSION  
APG Asset Management N.V.  
Gustav Mahlerplein 3   
1082MS  Amsterdam, Noord -Holland  
Netherlands  
 
Stockholms Stadshus AB  
Stadshuset, 3rd Floor   
105 35 Stockholm  
Sweden  
Subject : Case M.1036 9 — APG/Stockholms Stadshus/Stockholm Exergi Holding  
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 19 July 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  APG Asset 
Management N.V., (‘APG’, Netherlands) and Stockholms Stadshus AB (‘Stockholms 
Stadshus’, Sweden)  intend to  acquire within the meaning of Article 3(1)(b)  and 3(4)  of 
the Merger Regulation joint control over  Stockholm Exergi Holding AB (publ) 
(‘Stockholm Exergi Holding’, Sweden), currently controlled by Stockholms Stadshus 
and Fortum Oyj (Finland) , by way of purchase of  shares  in a newly created company 
constituting a joint venture .3 
2. The business activities of the undertakings concerned are:  
 for APG : a pension provider, active in the provision of executive consultancy, 
asset management  (including assets within energy and  utilities, 
telecommunications, and transport infrastructure ), pension administration, 
pension communication and employer services , 
                                                 
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 ( the ‘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 299, 27.7.2021 , p. 17. 

2  for Stockholms Stadshus: active in rental housing, school properties, care homes, 
exhibition properties and sports/entertain ment arenas, water supply and waste 
services, port facilities, district heating and fiber networks, life insurance and non -
life insurance , 
 for Stockholm Exergi Holding : active in the production and supply of district 
heating and district cooling for corpor ate and residential customers across seven 
municipalities within Stockholm County , production and sale of electricity, waste 
handling and sorting and the procurement of fuel.  
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 applic ation 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 .