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, 28.11.2018  
C(2018 ) 8130 final 
 
To the notifying parties:  
Subject : Case M.9165 - CPPIB/OTPP/IDEAL/CAGT  
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 November 2018 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Canada Pension 
Plan Investment Board ("CPPIB", Canada),  Ontario  Teachers ' Pension Plan Board 
("OTPP", Canada), and Promotora del Desarrollo de América Latina, S.A. de C.V. 
("IDEAL", Mexico)  acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger 
Regulation  joint control of the whole of  Concesionaria Autopista Guadalajara -Tepic, S.A. 
de C.V. ("CAGT", Mexico),  IDEAL's subsidiary which holds the concession for the 
development, maintenance, operation and exploitation of toll roads in Mexico known as 
the Tepic Bypass, the Guadalajara Bypass and Guadalajara -Tepic Toll Road , by way of  
purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 – for CPPIB: investment management organisation that invests the funds of the 
Canada Pension Plan, principally in public equities, private equities, real estate, 
infrastructure and fixed income investments;  
 – for OTPP: investment management organisation that invests the pension plan 
assets on behalf of active and retired teachers in the Canadian provin ce of 
Ontario;  
 – for IDEAL: public company that manages a strategic asset portfolio across 
various infrastructure sectors which foster social development and economic 
                                                 
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 412, 14.11.2018 , p. 35. 
 
PUBLIC VERSION  
2 growth through designing, developing, financing and managing different 
infrastructure pr ojects in Mexico and in Panama, as well as holding the long term 
management, provision of services, maintenance and operation of the concessions 
and projects it has a stake in.  
3. After examination of the notification, the European Commission has concluded th at the 
notified operation falls within the scope of the Merger  Regulation  and of paragraph s 
5(a) and 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 application 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 .