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, 27.03.2020  
C(2020 ) 2018 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9755  – MAIF 2 / PSP / AIRTRUNK  
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 5 March 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Macquarie Asia Infrastructure Investments 2 Pte Ltd (‘MAIF2’, 
Singapore) controlled by the Macquarie Group Limited (‘Macquarie Group’, 
Australia) and  Public Sector Pension Investment Board (‘PSP’, Canada) acquire 
within the meaning of Article 3(1)(b) of th e Merger Regulation indirect joint control 
over the whole of the undertaking AirTrunk Cayman Holding Trust (‘AirTrunk’, 
Cayman Islands)  by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for MAIF2: investments in infr astructure and infrastructure related business in 
Asia. It belongs to the Macquarie Group, a global provider of banking, financial, 
advisory, investment and funds management services,  
 for PSP: pension investment manager of various Canadian pension plans 
managing a diversified global portfolio including stocks, bonds and other fixed -
income securities and investments in private equity, real estate, infrastructure, 
natural resources and credit investments,  
 for AirTrunk: data centre specialist creating a platform for cloud, content and 
large enterprise customers across the Asia -Pacific region. It currently operates 
                                                 
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 83, 13.03.2020 , p. 69. 

2 two data centre campuses in Australia, Sydney and Melbourne , and is developing 
a further two da ta centre campuses in Singapore and Hong Kong.  
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 (a) 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 noti fied 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 .