Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERG ER REGISTRY, 1049 Brussel,  BELGIË 
 Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION 
Brussels, 8.8.2017 
C(2017) 5674 final 
 
 To the notifying parties:  
 
Subject: Case M.8575 - OTPP / AIMCO / BOREALIS / KIA / LCY 
Commission decision pursuant to Articl e 6(1)(b) of Council Regulation (EC) 
No 139/20041 and Article 57 of the Agreemen t on the European Economic Area2  
Dear Sir or Madam, 
1. On 13 July 2017, the European Commission received notification of a proposed 
concentration pursuant to Article 4  of the Merger Regulation by which  the undertakings 
Ontario Teachers' Pension Plan Board ("OTPP" , Canada), Alberta Investment Management 
Corporation ("AIMCo", Canada), Borealis  European Holdings ("Borealis", The 
Netherlands), and Kuwait Investment Author ity ("KIA", Kuwait) acquire within the 
meaning of Article 3(1)(b) of the Merger Re gulation each joint control of the London City 
Airport ("LCY", UK), by way of amending th e shareholders agreement relating to LCY.3 
2. The business activities of the undertakings concerned are: 
− for OTPP: administration of pension benefits and the investment of pension plan assets 
on behalf of approximately 318,000 active and retired teachers in the Canadian 
province of Ontario. 
− for AIMCo: institutional investment manager. 
− for Borealis: exclusive infrastructure ma nager for the Ontario Municipal Employees 
Retirement System Administration Cor poration (OMERS) and owned by OMERS 
which manages a diversified global portfolio of  stocks and bonds as well as real estate, 
infrastructure and private equity inve stments for over 470,000 members and retirees 
on behalf of approximately 1000 employers across Ontario, Canada. 
                                                 
1 OJ L 24, 29.1.2004, p. 1 (the 'Mer ger Regulation'). With effect from  1 December 2009, the Treaty on the 
Functioning of the European Union ('TFEU') has intr oduced certain changes, su ch as the replacement of 
'Community' by 'Union' and 'common market' by 'interna l 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 234 , 20.07.2017, p. 13. 
PUBLIC VERSION 
2 − for KIA: global investor, with  investments in all main geographical areas and asset 
classes, covering equities, fixed income, treasury, private equity and property. 
− for LCY: commercial airport in the City of London. 
3. After examination of the notification, the Eu ropean Commission ha s 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 simp lified procedure, the European Commission 
has decided not to oppose the notified operati on 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 Regulati on and Article 57 of the EEA Agreement. 
For the Commission 
(signed) Johannes LAITENBERGER Director-General 
                                                 
4  OJ C 366, 14.12.2013, p. 5.