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,  01.04.2022  
C(2022 ) 2198 final  
PUBLIC VERSION  
AustralianSuper  
Level 30, 130 Lonsdale Street  
Melbourne, VIC 3000  
Australia  
 
CPP Investments  
One Queen Street East  
Suite 2500  
Toronto, ON – M5C 2W5  
Canada  
 
Transurban Holdings Limited  
Level 31, Tower Five, Collins Square, 727  
Collins Street  
Docklands Victoria 3008  
Australia  
 
Tawreed Investments Limited            
PO Box 709, Willow House, Cricket 
Square  
Grand Cayman KY1 -1107  
Cayman Islands  
 
CDPQ  
Édifice Jacques -Parizeau,  
1000, Place  Jean-Paul-Riopelle                                 
Montréal, Québec H2Z 2B3                     
Canada  
Subject : Case M. 10675 – CDPQ / TRANSURBAN / AUSTRALIANSUPER / CPP 
INVESTMENTS / ADIA / WCX  
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  
                                                 
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 

2 Dear Sir or Madam,  
1. On 9 March 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4  of the Merger  Regulation by which  Caisse de 
dépôt et placement du Québec (“CDPQ”, Canada), Transurban Holdings Limited 
(“Transurban”, Australia), AustralianSuper Pty Ltd (“AustralianSuper”, Australia), 
Canada Pension Plan Invest ment Board (“CPP Investments”, Canada), and Tawreed 
Investments Limited (“Tawreed”, Cayman Islands , controlled by Abu Dhabi 
Investment Authority (“ADIA”, UAE) ), will acquire within the meaning of Article s 
3(1)(b)  and 3(4)  of the Merger Regulation joint  control o f the whole of WestConnex 
(“WCX”, Australia) by way of contract .3 
2. The business activities of the undertakings concerned  are the following : 
 CDPQ is a long -term institutional investor that manages funds primarily for 
public and para -public pension and insurance plans in the Province of Québec, 
and primarily invests in infrastructure assets,   
 Transurban is a toll road operator company that mana ges and develops urban 
toll road networks in Australia, Canada and the United States,  
 AustralianSuper is Australia’s largest industry public offer superannuation and 
pension fund with global investment activities,  
 CPP Investments is an investment managemen t organisation that invests the 
funds transferred to it by the Canada Pension Plan  (pension fund) , principally 
in public equities, private equities, real estate, infrastructure and fixed in -come 
investments,  
 Tawreed owns various infrastructure investments and manages a global 
investment portfolio. ADIA, Tawreed’s parent company, is a government 
entity owned by the Emirate of Abu Dhabi which manages a diversified global 
investment portfolio,  
 WCX is engaged in the development, maintenance and operation of to ll roads 
in Sydney, New South Wales.  
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 s 5(a) and 5 (b) of the Commission Notice on a simp lified procedure for 
treatment of certain concentrations under Council Regulation (EC) No 139/2004 .4 
  
                                                                                                                                                      
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 Jou rnal of the European Union No C 122, 17.3.2022, p. 36 . 
4  OJ C 366, 14.12.2013, p. 5 . 
3 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 Agre ement . 
 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General