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,  13.05.2022  
C(2022 ) 3275 final  
PUBLIC VERSION  
Swiss Life Holding AG  
General -Guisan -Quai 40   
8022 Zürich  
Switzerland  
 
Vauban Infrastructure Partners SCA  
115, Rue Montmartre  
75002 Paris  
France  
Subject : Case M. 10684 - SWISS LIFE / VAUBAN / WASCOSA  
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 19 April 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  Swiss Life  
Holding AG (“Swiss Life”, Switzerland ) and Vauban  Infrastructure Partners SCA 
(“Vauban” , France), controlled by BPCE S.A. (France), will acquire  within the 
meaning of Article 3(1)(b) of the Merger Regulation  joint control of the whole of  
Wascosa  Holding AG (“Wascosa”, Switzerland)  by way of  purchase of shares .3 
2. The business activities of the  undertakings concerned  are the following : 
 Swiss Life is a European provider of comprehensive life pensions and financial 
solutions. It is active in the EU, Switzerland, the UK, Liechtenstein and 
Singapore. Swiss Life is active in the life insurance sector  and the investment and 
asset management segment; it also provides multinational corporations with 
employee benefit solutions , 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Funct ioning 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 172, 26.4.2022 , p. 4. 

2  Vauban is a European asset management company with a focus on infrastructure 
equity investments with a strong focus in France but  also direct investments in 
Finland, Ital y, Norway, Portugal and Spain. It structures and manages equity 
funds investing in the design, construction, maintenance, financing and operation 
of essential infrastructure assets in the transportation, social, dig ital and utilities 
sectors,  
 Wascosa is an internationally active freight wagons rental and management 
company. Its activities include the pan -European leasing of freight wagons, the 
management of customers’ own wagon fleets and advice on maintenance, 
insurance and safety around freight wagons.  
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 (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 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  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .