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, 13.02.2020  
C(2020 ) 899 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9708  – EIFFAGE / ATLAS ARTERIA / BLUE ATLAS / PGGM / 
APRR / ADELAC  
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 20 January 2020 , the European Commission received notification of a proposed 
conc entration pursuant to Article 4  of the Merger  Regulation by which Eiffage 
(“Eiffage” France), Atlas Arteria (“Atlas Arteria”, Australia), Blue Atlas (“Blue 
Atlas”, Cayman Islands), controlled by ADIA, a government entity owned by the 
Emirate of Abu Dhabi a nd PGGM (“PGGM”, the Netherlands)  acquire within the 
meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over the 
whole of the undertaking APRR (“APRR”, France) and ADELAC (“ADELAC”, 
France). by way of purchase of shares .3 
2. The busine ss activities of the undertakings concerned are:  
— Eiffage is active in financing, design, construction and maintenance of 
projects and infrastructures including motorways concessions and road 
construction.  
— Atlas Arteria is a global owner, operator and developer of toll roads.  
— Blue Atlas owns infrastructure investments and manages a global 
investement portfolio.  
— PGGM is a pension fund services provider, specializing in the administration 
of collective pensions, including asset management.   
                                                 
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 29, 28.01.2020 , p. 11. 

2 — APRR a nd ADELAC are two undertakings managing toll moroways and 
other associated services in France.  
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 t o 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 .