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, 9.9.2022  
C(2022 ) 6589 final  
PUBLIC VERSION  
Oaktree Transportation  
333 South Grand Ave., 28th Floor  
90071 Los Angeles, CA  
United States of America  
 
CPPIB  
1 Queen East, Suite 2500  
M5C 2W5 Toronto, Ontario  
Canada  
Subject : Case M. 10856  – OAKTREE  / CPP INVESTMENTS / PORTS AMERICA  
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 17 August 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which  Oaktree 
Transportation Infrastructure Capital Partners GP, L.P. (‘Oaktree Transportation’, 
United States) and CPPIB PAG Canada In c. (‘CPPIB’, Canada) will acquire within 
the meaning of Articles 3(1)(b) and 3(4) of the Merger Regulation joint control of 
Ports America Group, Inc. (‘Ports America’, United States ) by way of purchase of 
shares .3 
2. The business activities of the undertakings concerned  are the following : 
 Oaktree Transportation: part of the broader Oaktree Capital group, a global 
alternative and non -traditional investment management firm , 
 CPPIB: part of Canada Pension Plan Investment Board, an investment 
management organisation that invests the funds transferred to it from the Canada 
                                                 
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 320, 24.8.2022, p. 55. 

2 Pension Plan, with offices in Hong Kong, London, Luxembourg, Mumbai, New 
York City, Sao Paulo, San Francisco  and Sydney. Canada Pension Plan 
Investment Board principally invests in public equities, private equities, real 
estate, infrastructure and fixed income investments,  
 Ports America: marine terminal operator and stevedore company with operations 
throughout t he U.S. coasts.  
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 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)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .