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,  10.08.2022   
C(2022 ) 5874 final  
PUBLIC VERSION  
Amber Infrastructure Group Limited  
3 More London Riverside  
London, SE1 2AQ  
United Kingdom  
 
Allianz Capital  Partners GmbH  
Seidlstrasse 24 -24a 
80335 Munich  
Germany  
 
Dalmore Capital Limited  
33 Cannon St  
London, EC4M 5SB  
United Kingdom  
Subject : Case M. 10835  – ALLIANZ  / DALMORE / AMBER / TIDEWAY  
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 18 July 2022 , the European Commission received notification of a proposed 
concentr ation pursuant to Article 4 of the Merger Regulation, by which the 
undertakings Amber Infrastructure Group Limited (UK), a subsidiary of  Amber 
Infrastructure Group Holdings Limited  (“Amber ”, (UK)), Allianz Capital Partners 
GmbH (Germany) belonging to Allianz Group (Germany) , and Dalmore Capital 
Limited (UK)  (“Dalmore ”), will acquire within the meaning of Article 3(1)(b)  and 
3(4) of the Merger Regulation joint control over the whole of the undertaking 
Bazalgette Equity Limited  (UK)  (together with its subsidiaries, “ Tideway ” (UK)) , by 
                                                 
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 ’). 

2 way of purchase of shares .3 Prior to the proposed concentration, Tideway is jointly 
controlled by Allianz Group and Dalmore.4 
2. The business activities of the undertakings concerned  are the following : 
 Amb er is an international sponsor and manager of infrastructure focused on long -
term, lower risk, cash flow generative investments , 
 Allianz Group is a global financial services group active in insurance and asset 
management , 
 Dalmore is an independent fund man ager focusing on lower risk opportunities for 
institutional investors in the UK infrastructure sector , 
 Tideway is an entity granted a Licence under the Water Industry Act 1991 (of 
England and Wales) in 2015 to act as the infrastructure provider responsible  for 
the design, construction, commissioning and maintenance of the Thames Tideway 
Tunnel, a 25km long tunnel running under London for the purposes of carrying 
sewerage, complemented by several connecting tunnels.  
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) and (b) of the Commission Notice on a simplified procedure for 
treatment of certain concentrations under Council Regulation (EC) No 139/2004 .5 
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)  
Olivier GUERSENT  
Director -General  
                                                 
3  Publication in the Official Journal of the European Union No C 285, 26.7.2022, p. 7. 
4      Approved by Commission decision of 13 December 2016 in M.8216 Allianz / Dalmore / BEL . 
5  OJ C 366, 14.12.2013, p. 5 .