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 -MERG ER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 24.1.2022  
C(2022 ) 483 final  
PUBLIC VERSION  
PSA International Pte. Ltd.  
1 Harbour Drive  
#03-00 PSA Horizons  
11735 Singapore  
 
Terminal Investment Limited Sàrl  
12-14 Chemin Rieu  
1208 Geneva  
Switzerland  
Subject : Case M .10545  – PSA / TIL / PNIT  
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 20 December 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  the 
undertakings PSA International Pte. Ltd. (“PSA”, Singapore)  and  Terminal 
Investment Limited S àrl (“TIL”, Switzerland) aquire within th e meaning of Article 
3(1)(b ) and 3(4) of the Merger Regulation joint control over the whole of the 
undertaking Pusan Newport International Terminal Co., Ltd. (“PNIT”, Korea) by way 
of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for PSA: an international operator of port terminals. It is mainly active in the 
provision of stevedoring services at ports, with a particular focus on providing 
container terminal services for ocean carriers,  
                                                 
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 14I, 12.1.2022 , p. 7. 

 
2  for TIL: it invests in, develop s and manages container terminals around the world, 
often in joint ventures with other terminal operators. TIL is indirectly jointly 
controlled by MSC  Mediterranean Shipping Company of Switzerland and certain 
funds managed by Global Infrastructure Manageme nt, LLC . of the United States,   
 
 for P NIT: operates a container terminal in Busan New Port located in South 
Korea’s southeastern port city of Busan. It is currently controlled by PSA.  
3. After examination of the notification, the European Commission has concl uded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (a) 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 applicat ion 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 .