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,  8.11.2021  
C(2021 ) 8160 final  
PUBLIC VERSION   
Canada Pension Plan Investment 
Board  
40 Portman Square, 2nd Floor  
London WIH 6LT  
United Kingdom  
 
BC Partners LLP  
40 Portman Square  
London W1 H 6DA  
United Kingdom  
Subject : Case M. 10478  – CPP INVESTMENTS / BC PARTNERS / CERAMTEC  
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 8 October  2021 , the European  Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which the 
undertaking s Canada Pension Plan Investment Board (‘CPP Investments’, Canada ) 
and BC Partners LLP (‘BC Partn ers’, UK ) intends to acquir e within the meaning of 
Article s 3(1)(b) and 3(4) of the Merger Regulation joint control of the whole of 
CeramTec Topco GmbH (‘CeramTec’, Germany) , by way of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 for CPP Investments: an investment management organisation that invests the 
funds transferred to it by the Canada Pension Plan in public and private 
equities, real estate, infrastructure and fixed income instruments in Europe, the 
Americas and Asia,  
                                                 
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 421, 18.10 .2021 , p. 4. 

2  for BC Partner s: an international private equity firm whose sole activity is to 
provide advisory services. Funds advised by BC Partners are pure financial 
investors, while their portfolio companies are active in sectors of financial 
services, healthcare, education, cons umer and retail in Europe and North 
America , 
 for CeramTec: a company engaged in the production of high -performance 
advanced ceramic materials and products for use in a wide variety of 
applications, including in the automotive, electronics, industrial and m ed-tech 
sectors, in Europe, South America, the United States and Asia . 
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 (b) of the  Com mission 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 .