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,  18.06.2021  
C(2021)  4619 final  
PUBLIC VERSION 
Caisse de dépôt et placement du 
Québec  
Édifice Jacques -Parizeau 1000  
Place Jean -Paul-Riopelle  
H2Z 2B3 Montréal, Québec  
Canada  
 Ontario Teachers’ Pension Plan Board  
5650 Yonge Street  
M2M 4H5 Toronto, Ontario Canada  
Subject : Case M. 10297 -  CDPQ / OTPP / OHIO 
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 21 May 2021, the European Commission received notification of a proposed 
conc entration pursuant to Article 4 of the Merger  Regulation by which the 
undertakings Caisse de dépôt et placement du Québec ( “CDPQ” , Canada)  and Ontario 
Teachers’ Pension Plan Board  (“OTPP”, Canada) acquire within the meaning of 
Article 3(1)(b) of the Merger Regulation  joint control of Ohio National Mutual 
Holdings, Inc. (“Ohio ”, US), via their platform Constellation Insurance LP.  The 
concentration is accomplish ed by way of purchase of shares.3 
2. The business activities of the undertakings concerned are:  
- CDPQ is a long -term institutional investor  managing funds primarily for 
public and para -public pension and insurance plans globally. It invests these 
                                                 
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 Jou rnal of the European Union No C 207 , 01.06.2021 , p. 8. 

2 funds in major financial markets, p rivate equity, fixed income, infrastructure  
and real estate,  
 
- OTPP  is concerned with the administration of pension benefits and the 
investment of pension plan assets on behalf of approximately 331,000 active 
and retired teachers in the Canadian province of  Ontario , 
 
- Ohio is a US provider of individual life insurance, disability income insurance and annuities, as well as broker -dealer and investment advisory services and, 
outside of the US, is also active in Brazil, Chile and Peru.  
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) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council R egulation (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 de cision 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.