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,  25.02.2022  
C(2022) 1325 final  
PUBLIC VERSION 
Public Sector Pension Investment Board 
1250 René -Lévesque Blvd. West  
Suite 1400 
Montréal, Québec, H3B 5E9  
Canada  
 
Eurazeo SE  
1, rue Georges Berger  
75017 Paris  
France   
Subject : Case M.10609 – EURAZEO / PSPIB / FST HOTELS  
Comm ission 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 21 January 2022, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Public Sector 
Pension Investment Board (“PSPIB”, Canada) and Eurazeo SE (“Eurazeo”, France) 
acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control 
over the whole of FST Hotels, S.L. (“FST”, Spain) by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− for PSPIB: the investment manager of the pension plans of the Canadian Federal 
Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the 
Reserve Force. PSPIB manages a diversified global portfolio including stocks, 
bonds and other fixe d-income securities as well as investments in private equity, 
real estate, infrastructure, natural resources and credit investments. PSPIB’s 
                                                 
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 56, 03.02.2022, p. 2.  

 
2 portfolio companies are mainly active in Australia, Asia and North America and 
have a more limited presence in Europe.  
− for Eurazeo: a listed investment company headquartered in Paris, France, with a portfolio of several billions of euros in diversified assets. Eurazeo has three main 
activities: private equity, private debt and real assets. Its portfolio companies are 
mainly active in Europe (mainly in France) and have a more limited presence in 
the rest of the world. 
− for FST: the operation of hotels in Spain (Barcelona, Cordoba, Madrid and 
Oviedo) under the brand Ayre Hoteles. FST also owns a plot of land in Portugal (Porto).  
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 noti fied 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.